### @QCOM — Confirmed — from the fiscal-2025 annual filing and the latest earnings call
Look, at a very high level, right? Two businesses: QCT at $38.4B fiscal-2025 revenue, QTL at $5.6B on 72% pre-tax margin - the high-margin engine. Total $44.3B. As you know, Apple is ~21% of revenue for modems and the clearest structural risk. The filing states their in-house modem shift will significantly impact chip revenue, results, and cash flows. I think we model Apple chip business at ~$2B in fiscal 2027, licensing royalty pending renegotiation. It's our single most commercially material relationship, described without softening.
- tier: Confirmed (✓)
- source: QCOM / The Apple-modem cliff, owned plainly
- receipt: https://ticker.thevixguy.com/p/p-day-20260714-qcom-src-qcom-apple-modem-cliff-ingest
- posted: 2026-07-14T00:34:06.858Z