### 퀄컴의 성장 전략: 2029년까지 220억 달러 매출 달성 목표

### 퀄컴의 성장 전략과 기술 시장 역학 관계
* 📈 퀄컴은 **2029년까지 220억 달러의 추가 매출**을 목표로 하고 있으며, 그 중 **40억 달러는 사물인터넷(IoT) 부문**에서 예상되어 모바일 기술을 넘어선 확장을 보여주고 있습니다.
* 🚗 이 회사는 **차량의 첨단 컴퓨팅 기능으로 인한 성장 잠재력**을 인식하고 자동차 시장에 집중하고 있습니다.
* 📊 퀄컴의 CEO는 **비모바일 수익이 증가**함에 따라 수익원을 다각화하고 있다고 언급하며 **2021년 이후 궤도에 대한 자신감**을 드러냈습니다.
* 🌐 현재 총 **9억 달러에 달하는 시장 규모**를 자랑하는 퀄컴은 IoT와 자동차를 비롯한 다양한 분야에서 상당한 성장을 달성할 것으로 낙관하고 있습니다.
* 📉 그러나 반도체 산업의 주기적 리스크에 대한 우려가 있으며, 이는 **새로운 디바이스와 자동차 기술에 대한 수요**에 영향을 미칠 수 있습니다.
* 📱 CEO는 스마트폰 성장이 평준화되고 있지만 **프리미엄 부문이 번창**하고 있어 **두 자릿수 매출 성장**이 가능하다고 강조했습니다.
* 🇨🇳 지정학적 긴장에도 불구하고 퀄컴은 자사의 선도적인 기술에 대한 수요가 계속될 것이라 믿으며 **중국 사업에 대해 긍정적인 태도**를 유지하고 있습니다.
* 💡 미래의 도전에 대비하면서 대규모 인수 없이도 성장 계획을 실행하는 데 초점을 맞춘 **명확한 전략**을 유지하고 있습니다.

퀄컴은 2029년까지 220억 달러의 신규 매출을 창출하여 모바일 시장을 넘어 다각화하는 것을 목표로 하고 있습니다.

>> FROM THE HEART OF WHERE
INNOVATION, MONEY, AND POWER COLLIDE IN SILICON VALLEY AND
BEYOND, THIS IS "BLOOMBERG TECHNOLOGY"
WITH CAROLYN HYDE AND ED LUDLOW.

>> LIVE FROM NEW YORK, THIS IS
BLOOMBERG TECHNOLOGY. ALL EYES ARE ON NVIDIA AS
THE CHIPMAKER IS SAID TO REPORT EARNINGS AFTER THE CLOSING BELL.
PLUS COMCAST PLANS TO SPIN OFF

SOME OF ITS CABLE TV CHANNELS.
IN THE CEO OF QUALCOMM JOINS US AS THE COMPANY DETAILS GROWTH
AND $22 BILLION IN ANNUAL REVENUE OVER THE NEXT FIVE
YEARS. FIRST WE CHECK IN ON THESE
MARKETS.

A LITTLE BIT OF ANXIETY AHEAD
OF THE ALL-IMPORTANT MACRO EVENT WHICH BARCLAYS AND BANK
OF AMERICA IS SAYING NVIDIA. OF COURSE WHEN YOU HAVE
POTENTIALLY 8% MOVE ON EITHER

SIDE THAT COULD BE A $300
BILLION MOVE IN MARKET CAPITALIZATION.
WE ARE DOWN TWO THIRDS OF A PERCENT.
NVIDIA IS UP TWO THIRDS OF A PERCENT.
THAT IS CONTRIBUTING TO THE

DOWNSIDE.
WE QUESTION THE SUPPLY SIDE OF BLACKMAIL.
WE WANT TO GET -- OF BLACKWELL. WHERE WE GO ON THE FOURTH
QUARTER COMING AFTER THE BATTLE TODAY. -- AFTER THE BELL TODAY.

WE WANT TO WELCOME OUR
WORLDWIDE TV AND RADIO AUDIENCES.
YOU KNOW QUALCOMM AS THE BIGGEST MAKER OF SMARTPHONES,
BUT THE COMPANY IS PUSHING INTO NEW MARKETS AND GENERATING UP
TO $22 BILLION OF ADDITIONAL

REVENUE BY 2029.
$4 BILLION WILL COME FROM THE INTERNET OF THINGS.
QUALCOMM CEO WAS DETAILING THAT VERY VISION YESTERDAY AND WHAT
YOUR TOTAL ADDRESSABLE MARKET, NOW UP TO $900 MILLION.
IT IS GREAT TO HAVE YOU HERE

AFTER THAT INVESTOR MEETING.
YOU'RE LOOKING AFTER 2030. WHAT GIVES YOU THAT CONFIDENCE? >> GREAT TO BE HERE TALKING TO
YOU. WE HAVE BEEN ON THIS TRAJECTORY
SINCE 2021 WHEN WE HAD OUR LAST

INVESTOR DAY.
WE REALIZE THE TECHNOLOGY WE PRODUCED FOR MOBILE CAN BE VERY
DISRUPTIVE AND WE CAN BUILD A LEADING POSITION WITHIN
AUTOMOTIVE AND WE THOUGHT WHAT WOULD BE THE RIGHT THING TO
TELL INVESTORS HOW WE ARE GOING

TO DIVERSIFY THE -- HOW WE ARE
GOING TO DIVERSIFY THE COMPANY. MOST OF OUR REVENUE IS MOBILE.
IT IS A GREAT MARKET BUT IT DOES NOT GROW AS MUCH UNTIL WE
HAVE AN AI CYCLE.

THE OTHER MARKETS, IT WILL
DRIVE HIGHER MULTIPLES. AS THE REVENUES FROM NON-MOBILE
BECOME A BIGGER PERCENTAGE OF ALL, WE HAVE AN OPPORTUNITY TO
SEE MULTIPLE EXPANSION, SO WE

WANT TO OUTLINE TO INVESTORS
OUR TRAJECTORY. WHAT IS EXCITING IS WHERE WE
ARE RIGHT NOW. WE ARE VERY HAPPY WITH RESULTS
OF THE COMPANY. WE ARE GROWING IN ALL MARKETS.
IN FIVE YEARS WE WILL HAVE $22 BILLION OF REVENUE.

BEARING ANY CYCLICALITY ON THE MARKET, WE EXPECT TO CONTINUE
TO GROW ANNUALLY INTO THOSE TARGETS. CAROLINE:
BEARING ANY CYCLICALITY? WHAT ARE THE DOWNSIDE RISKS TO
AUTOMOTIVE DEMAND, TO PEOPLE

UPDATING TO NEW ANDROID PHONES? >> WHAT I MENTIONED ABOUT
CYCLICALITY, IN THE SEMICONDUCTOR INDUSTRY WE HAVE
SEEN IN THE PAST FEW YEARS WE HAD DIFFERENT CYCLES, DIFFERENT
MARKETS, INVENTORY CORRECTIONS.

CAPACITY CONSTRAINTS.
WE ARE NOT ASSUMING THAT GOING FORWARD BUT SOME OF THAT COULD
HAPPEN. WHEN YOU LOOK AT THE NORMALIZATION WE ARE SEEING, WE
FEEL GOOD ABOUT THE ABILITY TO GROW ANNUALLY.
CARS IS ONE WE ARE INCREDIBLY

EXCITED.
PEOPLE ARE BUYING CARS BECAUSE OF THE COMPUTATIONAL
CAPABILITIES IN THE BIG SCREENS AND THE DIGITAL CAPABILITIES OF
THE CAR. CAROLINE: BEFORE WE GET TO CARS, THE
INTERNET OF THINGS WILL BE

SOMETHING WE HAVE BEEN TALKING
ABOUT FOR A DECADE. EVERYONE IS EXUBERANT ABOUT THE
INTERNET OF THINGS IN REALITY NEVER QUITE GETS THERE.
THAT IS WHERE PREVIOUS TIMES

YOU'VE MADE TARGETS AND HAVE TO
FALL SHORT BECAUSE THE ECOSYSTEM DOES NOT BUILD.
WHAT MAKES YOU SURE IT WILL GET TO THAT 14 BILLION? >> I LIKE TO BREAK THAT DOWN.
BUT I NEED TO TELL YOU IS WE

TALK ABOUT THE INTERNET OF
THINGS BUT THE QUALCOMM INTERNET OF THINGS REVENUE
STREAM, THEY'RE A BUNCH OF THINGS.
WE HAVE VIRTUAL REALITY, MIXED REALITY DEVICES.
WE HAVE INDUSTRIAL NETWORKING

AND PERSONAL DEVICES LIKE
WEARABLES AND WATCHES. THAT IS OUR INTERNET OF THINGS
POCKET. IF WE GAVE A TARGET OF $4
BILLION -- YOU THINK ABOUT WHAT WE'RE DOING RIGHT NOW.
SNAPDRAGON IS THE FASTEST

PROCESSOR.
WE ARE COMING INTO THE INDUSTRY AS A NEW PLAYER WITH A LEADING
PLATFORM. THE ONLY PLATFORM THAT CAN RUN
MICROSOFT COPILOT PLUS. IF YOU LOOK AT THE SERVICE
MARKET OF PC'S IN 2029 IT IS 35

BILLION. WE SAY WE WILL DO FOUR.
IT IS A VERY ACHIEVABLE TARGET, ESPECIALLY WHEN WE THINK WE
HAVE THE BEST PLATFORM. CAROLINE:
EVERYONE LOVES SILICON. THE SILICON AND THE IPC IS
GREAT BUT THERE IS BEEN SO MUCH

CYNICISM AROUND THE ADOPTION OF
ARM-BASED PC'S. WHAT IS STOPPING THAT? >> WE SEE IT DIFFERENTLY.
WE LAUNCH THE PLATFORM IN MAY AND HAVE 20 DESIGNS.
FROM MAY TODAY WE INCREASED THE

DESIGN TRACTION 20 TIMES.
WE HAVE 50 PLATFORMS ACROSS DELL, HP, LENOVO. CAROLINE:
ARE PEOPLE BUYING THEM? >> SALES ARE EXCEEDING OUR
EXPECTATIONS. THE OTHER THING IS INDUSTRIAL.
YOU ASKED ME ABOUT IOT.

ONE THING THAT CHANGED THE IOT
INDUSTRIAL IS AI AT THE EDGE, THE ABILITY TO RUN AI AT THE
EDGE. WE CAN RUN A MULTIBILLION PARAMETER MODEL INTO A DEVICE
AT THE EDGE.

THAT CHANGES THE COST EQUATION
FOR A LOT OF COMPANIES WHO THINK IT WILL BE CHEAPER TO DO
IT IN THE CLOUD WHERE THEY HAVE SPECIFIC NEEDS.
THAT INFLECTION POINT IS WHAT GIVES US CONFIDENCE WE WILL GET $4
BILLION IN INDUSTRIAL BY 2029.

AND THE OTHER 2 BILLION WE
PROVIDED WAS FOR AUGMENTED REALITY AND THE META-SMART
CLASS. IT IS PROBABLY THE FAVORITE
CHRISTMAS GIFT. CAROLINE:
LET'S TALK ABOUT AN INFLECTION

POINT. WHAT HAD BEEN YOUR
BREAD-AND-BUTTER, SMARTPHONES AND CELLS. OUR PEOPLE UPGRADING?
WILL THEY BE UPGRADING ON ANDROID? >> ANDROID IS THE LARGEST
GLOBAL MARKET FOR HANDSETS AND

WE HAVE BEEN VERY FOCUSED ON
PREMIUM TIER ANDROID -- ON PREMIUM TIER ANDROID.
PHONES GROW WITH GDP. IT IS FLAT TO SINGLE-DIGIT
GROWTH BECAUSE EVERYBODY HAS A

PHONE. WHAT WE HAVE SEEN IS THE PREMIUM TIER, THEY ARE GROWING
SIGNIFICANTLY. WE SEE A MIX. WHEN PEOPLE BUY THEIR NEXT
PHONE, THEY WANT A BETTER PHONE. THAT ALLOWS US TO BE GROWING
DOUBLE DIGIT ON A MARKET THAT

DOES NOT GROW BY EXPANDING
CONTENT. WHAT WE EXPECT IS THAT IS THE
TREND AS PEOPLE BUY A PREMIUM SMARTPHONE WITH MORE AI AND
EVENTUALLY THERE IS THE AI USE CASES THAT START TO BE AS BIG
AS APPS, WE WILL SEE AN AI

DRIVEN UPGRADE. CAROLINE:
WE ARE SITTING WITH THE QUALCOMM CEO. THE UPGRADE CYCLE, CHINA'S GDP
IS NOT LOOKING GREAT. YOU HAVE EXPOSURE TO THAT
ECONOMY. WHAT DOES IT FEEL LIKE?

>> OUR CHINA BUSINESS, WE ARE
VERY HAPPY WITH IT. AS GEOPOLITICS EVOLVES, WE ARE BUSY
-- OUR BUSINESS WITH CHINA EXPANDED.
AS WE BECOME RELEVANT IN AUTOMOTIVE AND INDUSTRIAL, WE
HAVE CHINESE CUSTOMERS.

AT THE END OF THE DAY,
REGARDLESS OF GDP GROWTH, CHINA IS A BIG MARKET.
IF YOU'RE A SEMICONDUCTOR COMPANY, YOU HAVE A LEADING
TECHNOLOGY THAT CANNOT BE REPLICATED BY A DOMESTIC
PRODUCT, YOU'LL HAVE A BIG

BUSINESS IN CHINA. CAROLINE:
THEY ARE FIGHTING TO MAKE THINGS DOMESTICALLY BECAUSE OF
THE NEW ADMINISTRATION AND THE CURRENT ADMINISTRATION STILL
PUSHING BACK ON CHINA. DO YOU HAVE ANY CONCERN ABOUT
TARIFFS?

>> OUR BUSINESS, WE ARE
EXPORTING SEMICONDUCTORS. WE ARE IN THE RIGHT DIRECTION
OF TRADE. I ESPECIALLY WANT TO THINK
ABOUT TRADE BALANCE. IF WE HAVE A LEADING TECHNOLOGY,
WE EXPECT CHINA WILL BE

INTERESTED IN CONTINUING TO BUY
OUR CHIPS. WE ARE NOT CONCERNED. CAROLINE:
YOU DON'T HAVE ANY PROCUREMENT ISSUES?
YOU'RE NOT HAVING TO STOCKPILE? >> WE ARE A FABULOUS COMPANY
AND WE HAVE BEEN A BIG EXPORTER

OF CHIPS INTO CHINA. CAROLINE:
YOU HAVE AN AMAZING BIRDSEYE PERSPECTIVE OF THE
TECHNOLOGICAL RACE WE WOULD LIKE TO TALK ABOUT BETWEEN THE U.S.
AND CHINA.

YOU HAVE AN ARRAY OF LARGE
LANGUAGE MODELS WITHIN YOUR SNAPDRAGON MOBILE SYSTEM AND
PLATFORM. SOME OF THOSE CHINESE LARGE
LANGUAGE MODELS, HOW THEY PERFORMED COMPARED TO THE U.S.
MODELS?

>> WE CAN TALK ABOUT THIS ALL
DAY BUT I WILL SUMMARIZE A FEW THINGS.
THERE IS A VERY LARGE NUMBER OF MODELS BECOMING AVAILABLE AND
THEY ARE VERY SPECIALIZED. I THINK WE ARE HEADING TOWARDS
AI AS BEING NEW COMPUTING.

MODELS SPECIALIZED INVOICE. WHAT WE ARE SEEING IS A LOT OF
THE MODELS ARE BECOMING REGIONALIZED.
AS THE COMPUTER STARTS TO SPEAK THE LANGUAGE OF HUMANS EVERY
REGION HAS A UNIQUE ASPECT THAT

IS DRIVING A LOT OF REGIONAL
MODELS. WE EXPECT THE FUTURE WILL BE
LIKE THAT. CHINA WILL HAVE THEIR MODELS,
EUROPE WILL HAVE MODELS, AND THEY WILL BE MODELS SPECIALIZED FOR
DIFFERENT THINGS.

WE ARE AT THE BEGINNING OF THIS
EXCITING NEW TRANSITION. CAROLINE:
THE THING THE MARKETS AND MEDIA HAVE WANTED YOU TO TALK ABOUT
IS WHETHER YOU WILL BE MAKING ANY ACQUISITIONS OF INTEL PARTS
OF THE BUSINESSES.

YOUR CEO OUTLINED YOU WILL BE
GIVING MONEY BACK TO INVESTORS. IS M&A NOT ON THE AGENDA? >> WE HAVE ALWAYS BEEN LOOKING
FOR OPPORTUNITIES. A LOT OF THE QUALCOMM M&A
FRAMEWORK HAS BEEN IMPORTANT

WE'RE VERY TARGETED TO ACCELERATE
OUR PLANS. WE HAVE SHOWED THAT WITH THE
M&A WE HAVE DONE TO ENTER THE PC SPACE.
YOU WILL CONTINUE TO SEE QUALCOMM DOING THAT.
RIGHT NOW WE HAVE NOT IDENTIFIED ANY LARGE
ACQUISITION THAT IS NECESSARY

FOR US TO EXECUTE ON THIS $22
BILLION AND WE ARE SUPER FOCUSED ON EXECUTING ON THE $22
BILLION OVER THE NEXT FIVE YEARS. CAROLINE:
GIVE THE INVESTOR BASE THE

CONFIDENCE THAT THIS TRANSITION
FROM APPLE AND FOCUSING ON ANDROID AND THE INTERNET OF
THINGS OPPORTUNITY YOU ARTICULATED YOU WILL GET THERE
SMOOTHLY AND WITH CLARITY ON TIMEFRAME?

>> THE WAY I SEE IT, AND I
CANNOT TALK ABOUT WHAT HAS HAPPENED WITH THE STOCK, BUT I
THINK THERE MAY BE SOME CONFUSION.
OUR PLAN IN THE INVESTOR DAY IS TO TELL INVESTORS THAT THERE ARE
STRATEGIES WORKING.

WE DO NOT NEED A NEW STRATEGY.
WE HAVE EXECUTED ON WHAT WE SAID WE WOULD DO IN THOSE NEW
MARKETS. WE HAVE FIVE CONSECUTIVE
QUARTERS OF RECORD GROWTH. WE KNEW WE WOULD GROW EVEN WHEN
THE MARKET DOES NOT GROW

BECAUSE WE ARE GAINING SHARE.
WE DELIVER ON OUR PC AND ARE WELL-POSITIONED TO RAMP, AND WE
TOLD INVESTORS HOW THIS WILL PLAY OUT FOR THE OTHER MARKETS.
WE HAD SAID SINCE THE BEGINNING

THAT OUR PLANNING ASSUMPTIONS
ASSUME APPLE IS COMING OFF THE MODEL. WE HAD SAID OUR CONTRACT IMPLIES WE HAVE 20% SHARE IN
2026. WILL THAT BE THE CASE? WE HAVE HAD TWO RENEWALS OF
APPLE, BUT WE HAVE TO MAKE AN

ASSUMPTION APPLE IS COMING OFF
THE MODEL. EVEN WITH THAT, WE ARE
WELL-POSITIONED TO CONTINUE GROWING AND GET TO A POINT IN
2029 THAT WE HAVE 22 BILLION REVENUE, NONMOBILE.
WHEN WE GET TO THE END OF THE

DECADE, WE HAVE POTENTIALLY
50-50. MOBILE IS ABOVE 50% FOR THE
REVENUE GROWTH MARKET. I DON'T KNOW WHAT THE ANXIETY
IS, BUT I THINK WE FEEL CONFIDENT ABOUT THE PLAN AND
WILL CONTINUE TO EXECUTE.

CAROLINE:
AND ANALYSTS SAYING WE CONTINUE TO HAVE CONFIDENCE IN THE CEO'S
ABILITY TO MOVE QUALCOMM. WE APPRECIATE YOU.
THANK YOU FOR BEING HERE. QUALCOMM CEO.
LET'S HAVE A QUICK CHECK OF

THIS PARTICULAR CHART OF A CHIP
COMPANY YOU ARE NOT LOOKING AT EVERY DAY.
SEMICONDUCTOR MANUFACTURING INTERNATIONAL SHARES.
MORE THAN DOUBLED OVER THE LAST TWO MONTHS EVEN IN THE RISKS TIED
TO GEOPOLITICAL TENSIONS IN

CHINA. THE STOCK IS UP 120% FROM
SEPTEMBER, TROUNCING GLOBAL SECTOR NAMES INCLUDING NVIDIA.
CHINA OUTPERFORMING PARTICULARLY ON LAND IN BEIJING TRADING.
SPEAKING OF NVIDIA, ALL EYES ON

THE COMPANY REPORTING EARNINGS.
WE'LL DISCUSS WHAT TO EXPECT, PARTICULARLY WITH BLACKWELL.
THIS IS "BLOOMBERG TECHNOLOGY." >> THERE IS ALWAYS THE
POTENTIAL FOR HICCUPS IN ANYONE'S

QUARTER.
WE HEARD ABOUT THE DESIGN ISSUE FOR SERVERS WITH BLACKWELL BUT
WE ALSO HEARD FROM MICHAEL DELL SAYING WE ARE WORKING AROUND IT. CAROLINE:
NVIDIA'S QUARTERLY RESULTS IN

THE FORECAST ARE OUT AFTER THE
CLOSING BELL TODAY. ANALYSTS ARE ON THE LOOKOUT TO
SEE IF THE WORLD'S MOST VALUABLE COMPANY CAN SUSTAIN
WHAT HAS BEEN A REMARKABLE RUN.

BLOOMBERG INTELLIGENCE ANALYST
JOINS US NOW. EVERYONE WANTS CLARITY ON THE
SUPPLY SIDE OF BLACKWELL AND DEMAND FOR THE HOPPER. >> THE SECOND HALF WE HAVE SEEN
THE DEMAND FOR THE HOPPER

EXPAND. WE EXPECT THEM TO BE LOW DOUBLE
DIGITS THIS FISCAL YEAR. WE DO NOT SEE ANY LIMITING IN
TERMS OF DEMAND FOR THE HOPPER. EVERYONE IS ANTICIPATING THE
BLACKWELL RAMP WHICH WILL SEE A

MAJOR PORTION NEXT YEAR.
CAROLINE: WE FOCUS ON REVENUE. IT WILL DOUBLE FOR THE FULL
YEAR. IT IS UP 80% FOR THE THIRD QUARTER.
LESS FOR THE FOURTH QUARTER.

WHAT ABOUT MARGINS?
WHAT ABOUT PROFITABILITY? >> WE HAVE SEEN THE PEAK OF THE
MARGINS. THEY ARE BEHIND US. GOING INTO Q4 THEY ARE NOT AS
LOW AS PEOPLE ARE CONCERNED.

WE EXPECT TO STAY ABOVE THE 73
MARK BUT GOING INTO 2025, BLACKWELL HAS NEW PRODUCT
RAMPING. WE EXPECTED TO STAY AT THE SAME
LEVELS. WE HAVE SEEN THE COSTS OF THE
NEW PRODUCTS INCREASED BUT

THEIR ABILITY TO CHARGE MORE
PRICING IS NOT GOING THERE BECAUSE THESE ARE VERY
EXPENSIVE GPUs. CAROLINE: -- VERY EXPENSIVE GPUs.
CAROLINE: THEY CERTAINLY ARE.

WE HAVE HAD ALMOST A 200% RUN-UP
IN NVIDIA OVER THE PAST YEAR AND THAT IS ON TOP OF TRIPLING
THE PREVIOUS YEAR. WE HAVE A MASSIVE VALUATION.
IS IT TOO HIGH? >> IF YOU GET INTO IT TODAY,
MAYBE.

WE WILL TELL YOU AT THE END OF
THE DAY. THE PROBLEM I SEE, AND LET ME
SAY THIS. I AM A BELIEVER IN AI IN
GENERAL. I AM SKEPTICAL OF GENERATIVE AI.
IT HAS A LOT OF ISSUES THAT

CANNOT BE SOLVED THROUGH THE
BRUTE FORCE THROUGH MORE CHIPS AT IT.
THAT BEING SAID I AM ROOTING FOR AI. THE PROBLEM WITH EVALUATION ON
NVIDIA IS IT HAS ALREADY HAD A

TRIPLE, A DOUBLE.
IT IS AS IF IT IS A QUARTER BEING TOSSED AND COMING UP
HEADS. THERE IS A DAY IT WILL COME UP
TAILS AND MOMENTUM INVESTORS ARE GOING TO FREAK OUT.
WITH EVERY EARNINGS CALL WE

HAVE, THAT DATE GETS CLOSER.
IS IT TODAY? I DON'T THINK SO. THAT IS MY PROBLEM WITH THIS.
IT IS A STOP DRIVEN BY MOMENTUM. CAROLINE:
TO BE FAIR THEY HAVE FREAKED

OUT BEFORE AFTER EARNINGS, EVEN
WHEN THEY MEET AND BEAT, BUT THE FORECAST IS NOT LIVING UP
TO EXPECTATIONS. WHAT IS IT YOU NEED TO HEAR
FROM JENSEN TO GIVE YOU THE

CONFIDENCE? IT FEELS LIKE YOU ARE PUSHING
AGAINST THE SCALING LAWS THAT HE THINKS THRIVE AT THE MOMENT.
KIM: EXACTLY. THERE ARE A COUPLE OF THINGS
THAT CONCERN ME.

THERE IS A HANDFUL OF COMPANIES
WILLING TO SPEND UNBELIEVABLE AMOUNTS OF MONEY ON THIS.
IF ONE OF THEM BLINKS WILL THE OTHER ONES PULL DOWN AND STOP
SHOVELING MONEY INTO THE

PROBLEM? THAT IS THE ONE THING.
WHO ARE WE TALKING ABOUT? APPLE, META, AND MICROSOFT ARE
THE BIG ONES. MAYBE AMAZON AS WELL.
THOSE ARE THE COMPANIES THAT HAVE THE CASH FLOW SO THEY DO
NOT HAVE TO QUESTION IT.

THEY WILL SPEND, SPEND, SPEND.
THAT IS A VERY NARROW MARKET. I AM A CAUTIOUS INVESTOR.
EVERYTHING HAS GONE RIGHT. THAT DEMAND IS KEY.
BLACKWELL IS A CONCERN.

IT IS NOT SHIPPING YET.
THEY WILL PROBABLY MODIFY THE PROBLEM THAT IS CAUSING
OVERHEATING. WHEN THESE THINGS GET OUT INTO
THE WORLD THEY ARE USED DIFFERENTLY THAN THEY HAVE BEEN
TESTED FOR.

WE HAVE SEEN THIS MANY TIMES.
IT IS ALL A CONCERN FOR THE THING THAT LEADS THE MARKET.
IT DRIVES ALL OF THE MARKETS. IT IS SUCH A HIGH COMPONENT OF
THE S&P 500. CAROLINE:

IT IS A MACRO EVENT.
DO YOU BUY ON WEAKNESS? KIM: DO I BUY ON WEAKNESS?
I WILL LOOK AT IT VERY HARD ON WEAKNESS.
GIVEN THE OTHER MAKERS OF CHIPS AND EVEN PEOPLE DREAMING OF
BEING COMPETITORS OF NVIDIA,

NVIDIA HAS A LONG RUNWAY TO
HAVE PEOPLE NOT CATCH UP TO THEM. THERE IS SOME SAFETY. VALUATION IS STEEP AT THIS
POINT. CAROLINE: PROCEED WITH CAUTION.
KIM FORREST, WE ANTICIPATE YOUR

TIME. COMING UP, MORE ON THE BIG
INCENTIVES COMING TO THE CHIPMAKERS IN AMERICA. CAROLINE: FIRST UP, GLOBAL FOUNDRIES HAS
BEEN AWARDED ONE POINT $5 BILLION BY THE BIDEN
ADMINISTRATION CHIPS ACT.

THE GRANT WILL SUPPORT THE
CHIPMAKERS EXPANSION OF FACTORIES IN THE UNITED STATES
EXPECTED TO CREATE THOUSANDS OF PRODUCTION JOBS.
SALESFORCE PLANS TO CUT WORKERS FROM ITS RECENTLY ACQUIRED DATA
MANAGEMENT STARTUP.

THE COMPANY SAYS SOME ROLES
WILL NOT BE REQUIRED "POST-HARMONIZATION"
AND SET AN END DATE OF JANUARY 31 FOR THOSE EMPLOYEES.
SHARES OF MICROSTRATEGY RISING TODAY, CATAPULTING THE MARKET
VALUE OF MORE THAN $100 MILLION.

THIS IS THE COMPANY ANNOUNCED
PLANS TO INCREASE THE AMOUNT OF CONVERTIBLE DEBT AN EFFORT TO
BUY MORE BITCOIN. COMING UP, WE ARE JOINED BY
STRIKE FOUNDER AND CEO AS

TRADERS ARE MAKING BULLISH BETS
ON BITCOIN. FROM NEW YORK, THIS IS
BLOOMBERG TECHNOLOGY. ♪ CAROLINE:
A COMEBACK TO "BLOOMBERG TECHNOLOGY."
I AM CAROLINE HYDE IN NEW YORK.

WE HAVE THE NASDAQ 100 OFF MORE
THAN A PERCENTAGE POINT. WE ARE LOWER IN TERMS OF
APPOINTS PERCENT -- IN TERMS OF APPOINTMENTS PERSPECTIVE. NVIDIA IS OFF 1.5% WHEN LOOKING
AT THE OVERALL MARKET CAP

EROSION OF THE BUSINESS AS WE
ANTICIPATE THE ALL-IMPORTANT MACRO EVENT THAT IS THEIR
EARNINGS. FISCAL THIRD QUARTER, WILL WE
SEE THAT INCREASE IN REVENUE. ARE WE GOING TO SEE UP TO $37
BILLION IN TERMS OF REVENUE FOR

THE FISCAL FOURTH-QUARTER.
THERE COULD BE AN 8% MOVE ACCORDING TO OPTIONS TRADING ON
THE STOCK, WHICH WOULD BE $300 BILLION IN MARKET CAP IN ONE
DAY ALONE. WHAT ELSE IS MOVING?

CRYPTO.
THERE IS THE RISK-ON SENTIMENT THAT DRIVES US UP ANOTHER 1.5%.
THIS AS IT IS MORE ABOUT THE FEEL-GOOD FACTOR AROUND FUTURE
POLICY IN THE UNITED STATES AND

HEAVY BUYERS CONTINUING FOR THE
BALANCE SHEET. LET'S TALK ABOUT IT. IT SPENT A LOT IN TERMS OF
LOBBYING FOR CANDIDATES ACROSS PARTY LINES AND THOSE EFFORTS
HAVE PAID OFF.

A GROUP THAT TRACKS THE RESULTS
SAYS 265 PRO-CRYPTO CANDIDATES WERE ELECTED TO THE U.S.
HOUSE AND 20 IN THE SENATE. AND NOW THEY ARE LOOKING AT HOW
THOSE LAWMAKERS WILL INFLUENCE

THE INDUSTRY INCLUDING THE
POLICY. PRESIDENT-ELECT TRUMP, YOU'RE TO DETAILED THE POLITICAL
EFFECTS AND WHAT BUYING IS LIKE. STRIKE CEO JACK MALLERS
WHO HAS A PRETTY CLOSE

RELATIONSHIP WITH ONE OF THE
SENATORS WHO HAS BEEN LONG WITH THE RED EYES, LOOMIS.
I'M WONDERING WHAT YOU ARE SEEING IN TERMS OF TRADING ON THE
PLATFORM SINCE THE ELECTION? JACK:
THE WEDNESDAY POST-ELECTION OUR

BUSINESS DOUBLED.
WE SAW 100% GROWTH IN BITCOIN PURCHASES.
OUR CUSTOMERS ARE PREDOMINANTLY PURCHASING BITCOIN AND OVER 90%
ARE TAKING THE BITCOIN OFF THE

PLATFORM AND HOLDING IT IN
THEIR OWN CUSTODY. WE ARE NOT SEEING ACTIVE
SPECULATIVE TRADING OR GAMBLING ON THE SHORT-TERM PRICE, WE ARE
SEEING LONG-TERM ACCUMULATION ON OUR PLATFORM AND OUR
CUSTOMERS ARE EXCITED.

CAROLINE:
YOU ARE SUPPORTING THOSE FOCUSED PURELY ON THE ECOSYSTEM.
PEOPLE ARE GOING ELSEWHERE TO TRADE, WE NOW HAVE OPTIONS
TRADING. WHAT DO YOU THINK OF THAT?
WHAT DO YOU MAKE OF THIS

TRANSITION FROM DEFIANT CRYPTO
INTO MORE TRADITIONAL FINANCE? JACK:
THE LAST TIME I WAS ON THE SHOW I TOLD YOU AND ED -- CONGRATS,
BY THE WAY. I AM THINKING OF YOU.
I SAID BITCOIN WAS THE ONLY

MONEY AND CRYPTO.
I SAID BITCOIN WAS MONEY AND WE SELL OUR CUSTOMERS FINANCIAL
SERVICES. IF YOU ARE A CUSTOMER OF MINE
YOU WANT BITCOIN FINANCIAL SERVICES, YOU WANT TO PAY YOUR
BILLS WITH IT, THESE ARE THE

TYPE OF PRODUCTS WE WANT TO
SERVE OUR CUSTOMERS IN THE FUTURE.
WE DO NOT THINK OF OURSELVES AS A SPECULATIVE EXCHANGE.
OPTIONS COME ETF, MS TR, ALL OF THESE THINGS ARE PRO LIQUIDITY.
WHAT YOU WANT IN MONEY, YOU

WANTED TO BE SALABLE.
ANY POINT 365. ALL OF THIS IS PRO THE LIQUIDITY
WHICH ENHANCES THE PROFILE FOR BITCOIN TO BE A BETTER ASSET
FOR A GOVERNMENT OR CORPORATION OR INDIVIDUAL.
EVERYTHING IS BULLISH FOR

Qualcomm Eyes $22 Billion Growth | Bloomberg Technology

Welcome to the Bloomberg Technology YouTube channel. Subscribe for original series and mini-docs on game-changing technologies, profiles on innovators, live conversations with experts, and breaking technology news & analysis from Bloomberg TV.

Bloomberg Technology

Qualcomm's Growth Strategy and Future Projections

Qualcomm aims for $22 billion in additional revenue by 2029, with $4 billion from IoT.

The company's diversification strategy focuses on automotive and other markets to drive higher multiples.

Revenue from non-mobile markets is expected to increase, leading to multiple expansion.

Downside risks include cyclical factors in the semiconductor industry and potential normalization of market conditions.

Qualcomm addresses concerns about the achievability of its IoT targets, emphasizing the diversification of its IoT revenue streams.

Geopolitical Factors and Qualcomm's China Business

Qualcomm expresses satisfaction with its China business despite geopolitical tensions.

The company addresses concerns about tariffs and procurement issues, emphasizing its position as a leading technology exporter to China.

Discussion on the technological race between the U.S. and China, focusing on large language models and regionalization of AI models.

Qualcomm's CEO clarifies the company's approach to M&A, emphasizing focus on executing its $22 billion revenue target.

Analysts anticipate Nvidia's quarterly results and assess the sustainability of its growth.

Discussion on the demand for Nvidia's Hopper and the anticipated ramp-up of Blackwell next year.

Analysis of Nvidia's margins and profitability, considering the high cost of its new GPUs.

Concerns about Nvidia's high valuation and the potential for a market correction.

Discussion on the factors that could impact Nvidia's future performance, including the concentration of spending among a few large companies.

Market analysis focusing on Nvidia's upcoming earnings and potential market impact.

Discussion on the risk-on sentiment driving crypto markets and its relation to U.S. policy.

Analysis of the impact of pro-crypto candidates elected to the U.S. House and Senate.

Strike's Trading Activity Post-Election and Bitcoin Outlook

Strike's CEO discusses a 100% growth in Bitcoin purchases post-election, highlighting long-term accumulation rather than speculative trading.

The CEO's perspective on Bitcoin's role as money and the development of Bitcoin financial services.

Discussion on the potential for a strategic Bitcoin reserve in the U.S. and its historical context.

Analysis of Bitcoin's market capitalization compared to the broader crypto ecosystem and Nvidia.

Secondary Market for Venture Capital and IPOs

Discussion on the changing stigma surrounding venture firms selling shares before an IPO.

Analysis of the formalization of the secondary market and different types of transactions.

Discussion on the potential impact of the secondary market on IPO timelines.

SpaceX's Starship Launch and Future of Space Exploration

Analysis of SpaceX's recent Starship launch and its implications for future space exploration.

Discussion on the potential timeline for Mars trips using SpaceX's Starship.

Analysis of the likelihood of other companies thriving in the space exploration industry alongside SpaceX.

Comcast's Cable TV Spinoff and Industry Trends

Discussion on Comcast's plan to spin off its cable TV channels and the reasons behind this decision.

Details on the channels Comcast will retain and those being spun off.

Analysis of the potential future of the spun-off cable TV channels and its possible acquisition by private equity firms.

Hasbro's Shift to Digital Gaming and IP Strategies

Hasbro's strategic shift from film and TV to digital gaming, focusing on video game versions of its popular brands.

Discussion on the target demographic for Hasbro's gaming products and its strategy to attract both younger and older players.

Analysis of Hasbro's partnerships and IP collaborations for its gaming products.