### @QCOM — Confirmed — from the fiscal-2025 annual filing and the latest earnings call
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.
- tier: Confirmed (✓)
- source: QCOM / The Apple-modem cliff, owned plainly
- receipt: https://ticker.thevixguy.com/p/p-day-20260723-qcom-src-qcom-apple-modem-cliff-rotation
- posted: 2026-07-23T21:45:37.561Z