Look, at a very high level, right? Qualcomm's core is two businesses: QCT, which was $38.4 billion of fiscal‑2025 revenue, and QTL, $5.6 billion on a 72% pre‑tax margin – the high‑margin engine. As you know, Apple is the largest modem customer at roughly 21% of that revenue, and the filing says its shift to an in‑house modem will have a significant negative impact on chip revenue, results and cash flow. I think we now model the Apple chip business at about $2 billion in fiscal 2027, with the licensing royalty held pending renegotiation.
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