Qualcomm at Oppenheimer Conference: Automotive and IoT Strategies Unveiled

On Tuesday, 12 August 2025, Qualcomm (NASDAQ:QCOM) participated in the Oppenheimer 28th Annual Technology, Internet & Communications Conference. The company showcased its strategic advances in the automotive and industrial IoT sectors, highlighting both opportunities and challenges. Qualcomm’s focus on innovation and partnerships was evident, though the competitive landscape remains a crucial consideration.

Key Takeaways

• Qualcomm’s Snapdragon digital chassis is transforming automotive architecture with software-defined vehicles.
• Safety-grade silicon and a co-developed stack with BMW are central to Qualcomm’s automotive strategy.
• The company aims to achieve a $4 billion revenue target in the automotive sector sooner than expected.
• Qualcomm’s IQ series of industrial processors leverages automotive technology for high performance and safety.
• Strategic acquisitions bolster Qualcomm’s capabilities in developer tools and camera technology.

Automotive Sector

• Snapdragon Digital Chassis: Qualcomm has revolutionized automotive architecture through its Snapdragon digital chassis, enabling software-defined vehicles and central compute systems.
• Safety-Grade Silicon: The company is developing safety-grade silicon and plans to commercialize its first automotive driving stack with BMW, which will be rolled out in 100 countries by next year.
• ADAS Expansion: Qualcomm’s ADAS silicon has been scaling up in the market for over a year, emphasizing the company’s commitment to automotive safety and innovation.
• Revenue Target Achievement: Qualcomm has accelerated its $4 billion revenue target in the automotive sector by one year, demonstrating strong market growth and strategic execution.

Industrial and Embedded IoT

• Market Segmentation: Qualcomm segments the industrial IoT market by product segments and verticals, including industrial connectivity and automation.
• IQ Series Processors: The IQ series offers high performance, real-time behavior, and safety features, drawing on Qualcomm’s automotive technology expertise.
• Go-to-Market Strategy: The company collaborates with scaling partners and engages closely with developers to expand its reach and impact in the IoT space.
• 2029 Revenue Target: Qualcomm aims for a $4 billion revenue target in the industrial IoT sector by 2029, leveraging its extensive technology portfolio.

Acquisition Strategy

• Developer Focus: Qualcomm’s acquisition of Edge Impulse enhances its capabilities in model onboarding, training, and deployment on limited footprint devices.
• Camera Technology: The company continues to acquire firms to strengthen its camera technology, aiming to develop comprehensive SaaS solutions for video security.
• Portfolio Expansion: Strategic acquisitions, including AutoTox, expand Qualcomm’s portfolio, promoting advancements in V2X safety applications.

In conclusion, Qualcomm’s presentation at the conference highlighted its robust strategies and optimistic outlook in both the automotive and IoT sectors. For a more detailed understanding, readers are encouraged to refer to the full transcript below.

Full transcript - Oppenheimer 28th Annual Technology, Internet & Communications Conference:

Rick Schaferropp, Semiconductor Analyst: Great. Thanks. Welcome, everybody. Thanks for joining our discussion. I’m Rick Schaferropp, and I’m a semiconductor analyst.

I’m joined today by Nicole Dugal. He’s he’s the GM auto, IoT, and cloud at Qualcomm. Nikhul has held multiple leadership positions since joining Qualcomm in ’95. So I guess thirty years at, at Qualcomm in in SoCal. Nicole, thanks for joining us.

It’s great to see you, and appreciate you taking the time to to chat with us today.

Nicole Dugal, GM Auto, IoT, and Cloud, Qualcomm: Thank you for having me, Rick.

Rick Schaferropp, Semiconductor Analyst: So so maybe I’ll just go ahead and kick things off, with a little bit of background on you. You know, maybe you could walk us through your journey at at Qualcomm, in landing, you know, the various leadership roles you’ve had, you know, particularly automotive and and I IoT. Any milestones along the way that you’d you’d like to share or highlight?

Nicole Dugal, GM Auto, IoT, and Cloud, Qualcomm: Yeah. I’m a I’m a Qualcomm lifer. I started off my second job out of school, and, you know, the company back then was a I guess it was a large size start up, but we were in the very early days of digital communications, which was all the rage. This was back in the CDMA days. And so seen a lot in terms of technology evolutions, how ecosystems are created, how the mobile Internet kinda came to life.

And, I got involved in automotive over a over a decade ago, and it was really one of these transition points where I was looking to do something outside of the smartphone business and took on kind of new market development opportunities. And I think it’s been a fantastic journey with automotive. We’ve actually, in my mind, changed the way that the automotive architecture works, software defined vehicles, central compute, the role of semiconductor. And we also changed how automakers engage with the ecosystem in terms of how they define the car architecture, who their ecosystem is, who do they lean on, how do they do software development. So we’ve been at this for over a decade, and, we’ve been doing it at scale.

We’ve been doing it in every part of the world with every OEM, every tier one, understand the market really well. And so I think, you know, it’s it’s speed up. I think the automotive success is certainly one of the big milestones. Trying to do the same thing with industrial now, and that’s just started about a year or so ago. So my my history with the company is to really get involved in diversification and new businesses and take the strengths of the company, close out the gaps, build out teams, build out technologies, build new partnerships.

Rick Schaferropp, Semiconductor Analyst: Oh, thanks for that background. So maybe we can dig into to, you know, Snapdragon digital chassis a little bit, and what makes it unique within the auto space and and, you know, maybe talk about the breadth of your IP portfolio, you know, any other attributes, that you can think of, you know, basically, that’s driven off your your, that’s differentiated, I guess, your your approach or your growth.

Nicole Dugal, GM Auto, IoT, and Cloud, Qualcomm: I think when when we when we started to think about, how should we engage with the, with the automaker, there were a couple of things that became pretty apparent. I think one was, the traditional semiconductor ecosystem wasn’t really good enough for the automaker to be able to transform itself. You needed to bring in a lot of technology, a lot of innovation from other industries. I think that was kind of point one. The the second thing that was apparent was the car is really this fantastic platform because, you know, it is a multi user platform.

It’s a platform that has a very high bar for safety and quality. It has a much longer life cycle than a consumer device might. And at the same time, it needs to feel like a consumer device. It needs to be used by a variety of different people. It has a a real time nature to it in that you want, you know, it’s about going from a to b, so it’s all about being in motion.

And, it is consumed the same way the world over. Everybody has a pretty consistent way in terms of how they want to consume the the the product that is a car. So we felt that there was a lot of opportunity to actually completely rethink what the car could look like, and we coined the term the digital chassis because we have so much of technology inside the company that we either adapted the technology or we instantiated the technology into different types of products for the automotive ecosystem. And that’s the approach that we took towards building out a portfolio. We did this in partnership with automakers.

We did this with our tier one ecosystem partners. We did it with folks that had tremendous amount of experience with the ecosystem. So we kind of embraced the industry. And I think I think that approach paid off because it allowed us to shape what we had to do to the company to become very relevant to the automotive industry. And I I think that’s kind of a good, maybe representation of what the journeys look like.

Rick Schaferropp, Semiconductor Analyst: No. Fair enough. You know, and Qualcomm’s obviously established a leadership position to say the least in digital cockpit. And you look at MediaTek and traditional maybe microcontroller or analog peers, they all seem to have aspirations in this large market. I mean, it is big and dynamic and growing and all the things.

So how do you perceive, that competitive threat out there today? And and what are you doing to to stay sharp and and stay ahead?

Nicole Dugal, GM Auto, IoT, and Cloud, Qualcomm: You know, I think, so clearly, you know, the market has grown significantly. We’ve been a large part of driving that growth, and, you know, it’s expected that there’ll be competitors. It’s a it’s a very interesting market because, you know, it feels like a very exciting market from the outside. It’s a tough market. You really have to know what you’re doing.

There is nothing that you get into that’s not going to require you to be there for your customer for ten plus years. You have to be at scale. You have to really own every part of the problem from quality to supply to delivery to software to hardware. You have to be part of an ecosystem. There has to be a tremendous amount of trust that you have to build with your customer base.

You know, today, we are fortunate to be you know, we’ve changed the trajectory of our road mapping that we are now building safety grade silicon, and we are going to commercialize our first automotive driving stack, the BMW. We’ll talk about that in a little bit next month at IAA. We couldn’t have imagined being able to do all of this, and it’s only possible if you actually have a tremendous amount of trust that you build with the ecosystem. So it’s not it’s not a market that is that has very low barriers to entry. Of course, the ecosystem welcomes a lot of competition, and, you know, we we are very comfortable in the part that we have picked.

We are we are very diversely deployed across many, many different types of markets, technologies, use cases, applications, regions. So we have a pretty good sensor within within the company in terms of what trends to pay attention to, what to not chase, where to cross correlate. And that that thing has paid us I think and that’s paid off pretty well.

Rick Schaferropp, Semiconductor Analyst: Fair enough. And, you know, shifting a little bit to ADAS because I believe it’s a third of that massive $45,000,000,000 backlog you talk about or design win pipeline there. I think investors, I think rightly so view that as the next big leg of growth in your auto business, maybe your overall business given the size of that that design win pipeline. So I don’t know if you could break down the biz you know, break down that business a little bit between SOC and stack and and maybe hit the ADAS SoCs first if if you want to, you know, talk about how you win versus the the Nvidia’s and the mobilize, you know, in the world. And and yeah.

Yeah. I’ll I’ll leave it there, and I’ve got follow on stuff, of course.

Nicole Dugal, GM Auto, IoT, and Cloud, Qualcomm: Yeah. So maybe the way I’ll maybe try and split it up is, you know, the the there is the there is the stack part of the conversation, and then there is the s was part of the conversation. The stack part of the conversation has been playing out for the last decade or so. You know, we have gone from driver assistance all the way to robotaxis, and you see pretty much everything has been deployed, has played out. And and I think what really comes down to is, what does it take for you to deploy these applications safely at scale, where it actually starts to make an impact to you as a consumer, to you as a driver?

Does it make the vehicle safer? And that was the premise under which we started to think about entering the stack business. For us, it was about let’s go after market, which will have very high attach rate that’s going to, make an impact to, the driving experience. It will make the car safer. And, some and if you pick something like that, that’s going to take kind of take a life of its own.

Once you build the trust, it will evolve. The SOC strategy was actually a little bit different. What we decided about six, seven years ago was if we have to be in the automotive business, we can’t be seen as a smartphone company. We actually have to almost go, deep into embracing not just quality, but safety. So we decided to actually build a completely different architecture, different fabric for, our automotive compute SoCs that goes from the ground up designed for safety.

We design a lot of IP inside the company, and we decided that we will actually, build a safety grid, technology IP road map. And it was a very wise decision because, today, if you think about, you know, how workloads are deployed, it’s there isn’t really any difference between whether it’s a consumer workload or a safety workload or an AI workload. It’s all the same. And, because we went down this unique path, it gave us a lot of flexibility in terms of, how our products could be used. So one of the reasons why we’ve actually accelerated our ADAS, win rate is that customers want to develop on a common platform without necessarily worrying too much about what they could run today, what they may not be able to run tomorrow, or does the architecture come in the way.

And we focused on some really tough customers in the early days to get them on board such that we could prove our safety chops. We did that for both the stack and the SOC. Once we did that and there was enough trust and enough credibility built in, then it’s just become a pretty standard industry platform on top of its customers’ design. So, you know, we we are starting our commercialization journey on the ADAS stack next month with BMW. The silicon has been in market for for over a year now.

Actually, more than that, probably two, three years now, but it’s scaling up. And so I I expect the rest of this decade, we’re gonna see a lot of ADAS business.

Rick Schaferropp, Semiconductor Analyst: And on that topic with the BMW, I believe that’s a co developed stack. So I’m I’m always curious in those kind of relationships, you know, how how fungible some of that IP is. Because I’m I’m sure you’re talking to other customers, potential customers on the stack side. You’d like to leverage your learnings elsewhere. Right?

I mean, so how does that work? I don’t know if you can walk us through that at all. So

Nicole Dugal, GM Auto, IoT, and Cloud, Qualcomm: everything that, is computer vision is actually, completely wholly developed by Qualcomm. The rest of the stack, the driving stack, the the actuation, the driving behavior, the drive policy, all of that is co developed. And you’re right. There is definitely adaptation that you have to do to carry that stack over from one OEM to another. But I think what is also starting to happen is that the market is kind of starting to settle down to where OEMs have a pretty good idea as to what they would like to offer at a certain vehicle trim for a certain performance, a certain price point as opposed to, you know, everybody was rolling their own a few years ago.

There there were multiple stacks across multiple tiers across multiple regions, just a tremendous amount of energy and expense spent on building these. So we’ve been very consistent with the strategy. We will roll this out. It’ll be in a 100 countries by next year, and that gives us the confidence that what we are building, should have very high applicability for a large number of OEMs. Because at the end of the day, we are, you know, at some level subsidizing the cost, the expense involved in customers wanting to have the same type of safety and the same type of capability at a very large footprint.

And so that, I think, has, worked well. I’m pretty excited about, us making a few announcements, at IAA, which is coming up, in September where we’ll talk about this in more detail.

Rick Schaferropp, Semiconductor Analyst: When you and you mentioned a 100 countries and the biggest, I think, out there maker of cars is China, so I assume they’re one of those 100. And is it is it worth carving that off for a second in this conversation and talking about the you know, basically what the stack competition is shaping up or what it already is, what it looks like in China and how you guys compete there, given it’s not necessarily a level playing field with all this geopolitical noise that seems to be buzzing around all the time. So, again, it just makes the waters probably a little choppier for you to navigate, but, just curious how you how you’re approaching that.

Nicole Dugal, GM Auto, IoT, and Cloud, Qualcomm: Well, you know, I think, the approach that we took was that we wanted to, we wanted to build a silicon road map that could stand on its own feet, that had its differentiation, that, made sense for the car architecture as it was evolving, and then we wanted to be able to get into the stack business. Now we always knew that the stack business is a very, you know the stack business is a complicated business because it is all about physical AI deployed in a specific region, in a specific part of the world. And that means regulation. That means you have to keep up with not just competition, but really who’s allowed to really operate at scale, who is going to be able to differentiate in the long run. And so the choices that we made were, let’s go focus on markets that are broad based where we are certainly gonna be able to make an impact, and let’s build technology that is very horizontal.

So whether it’s deployed in China or deployed in any other part of the world, the same technology will scale. And so that approach has worked well. To your point, these 100 countries that we will launch in China is certainly part of that. I think today, there is a tremendous amount of interest in driver assistance, automated driving just because it’s a, you know, pretty high scale application of applied AI, and there are many different solutions that are out there. I do feel that doing this at a global scale across every single country with meeting those safety requirements is is a tall order.

It’s expensive. It’s time consuming. It’s complicated. And I think in China, while we operate with our stack, we also partner with a variety of local stack companies that are running their stack on our silicon. So, you know, it’s a it’s a it’s a market of many different business models, and I think we are part of that ecosystem.

That’s, I think, a different I think a big differentiator for us.

Rick Schaferropp, Semiconductor Analyst: Yeah. One size doesn’t always fit all. I I get it. That’s perfect. Thank thank you for all that extra color.

Maybe just one or two last ones on auto, but just to summarize your progress in autos. I mean, you pulled in your $4,000,000,000 revenue contribution target, I think, by a full year versus original expectation. And you know, I’m just curious how comfortable you are with the 8,000,000,000 that you put out for fiscal twenty nine. And, you know, I I I know you’re not probably gonna change your forecast on this call, but I just am curious, you know, sort of how how what the what the moving parts maybe are on that that number.

Nicole Dugal, GM Auto, IoT, and Cloud, Qualcomm: I know. I think there are a lot of moving parts. Macro is always a moving part. I think, you know, the automotive industry is going through a pretty significant amount of, change, disruption, competition. I think what makes us unique is that we have kind of taken the approach of being a very horizontal technology provider solution provider that is focused on bringing best of breed technology and products to every automaker globally.

And, you know, building silicon, advanced silicon for cars is not an easy feat. It’s a complicated business. It requires a lot of experience. It requires a lot of things to kind of come together, and we do it at scale. We are not doing this across, you know, half a dozen or a dozen automakers.

We support every single automaker globally. So I feel good about the fact that we see the execution of the road map. We see the launches from our OEMs. We see programs, you know, being delivered on time. We see the innovation, ramping up, and that gives us the confidence that, you know, every quarter, we are executing through the plans that we had laid out and our customers had laid out.

And as long as that pans out, I think we are on a, you know, pretty good trajectory to, to kind of converting the pipeline into revenue.

Rick Schaferropp, Semiconductor Analyst: And and so kind of pivoting because I know we spent some good time on automotive. I you you know, you wear several hats there, it sounds like, and and, another one is, you know, really on the the industrial and embedded side. And so I I didn’t know if you could talk us through sort of how you’re leveraging your experience in autos and and, you know, all the know how you develop there and success that you brought there? Like, how do you leverage that into industrial and embedded?

Nicole Dugal, GM Auto, IoT, and Cloud, Qualcomm: Yeah. I think there are a few similarities, but there are also many stock differences. I think the similarities, obviously, are you know, the life cycles are similar. The focus on reliability and quality is there, especially when you talk about deep industrial companies. A lot of the products overlap quite seamlessly.

There there there’s a lot that we built in automotive that we can reuse. But I think what is been a big focus for me is how do how how do how do we think about the industrial and embedded IoT business through a unique Qualcomm lens? Because we are a company that has been good at many different things. And, if we have to be successful in this space, we have to kind of find our stride in terms of how to, get to similar scale. And, you know, what we have tried to do is to, split the market up in a couple of different ways so that, we get to view our progress from different lenses.

I think one thing that we did was to create distinct product segments that was similar to the chassis strategy that we had in automotive where we understand very deeply what are the types of problems that customers are trying to solve, and then how do we organize our product portfolio such that it’s very easy for customers to understand what we have available that they can deploy. And now we have, you know, five, six different product segments from industrial connectivity, consumer and commercial processors. We have a camera processor business. We have an industrial processor business. We are building out a robotics business.

So that, I think, has really helped us get a lot of focus towards a market that is otherwise fragmented and noisy. The other approach that we took was to segment by verticals. And there are certain verticals that we have been involved in historically. Retail has been a great vertical for us. We’ve been spent a lot of time both with the end retailer, you know, the Walmarts and the targets of the world, but then also their supply chain.

And, that’s allowed us to build, multiyear relationships. And that resembles a little bit as to what we have been doing in automotive where you kind of create a pull for your technology and your product, but you also build an ecosystem. And we are not repeating that across many other similar verticals. Enterprise is one. Public safety is another.

Oil and gas is the third. Industrial automation is the fourth. And that allows you to be able to solve problems, that are built around digital transformation where we can have an outsized impact. So we tried to pull a lot of our technology and our solutions together. The third thing that we kind of had to do, which we are in the process of of implementing and we’ll share more later this year, is, you know, sizing up customers very differently.

There are certain customers that we know and understand really well because they fit into the Qualcomm way of working. They are high skilled customers, deeply technical, understand our level of complexity. There is a second set of customers who are much more comfortable at the application layer where we’ve had to simplify and abstract our portfolio such that we can offer a solution mindset to the customer as opposed to deep development on the chip. And then finally, there is a massive developer ecosystem, which has traditionally not been a Qualcomm focus. We have never been really a long tail company.

But we realized that with the industrial IoT space, you have to touch developers as well. So we’ve kind of organized our thinking across these three different, vectors. And I think it’s actually working quite well because you get to see the SAM through many different lenses, through lenses that are very traditional, through lenses that are new, through lenses that are at a different plane. And we are in the process of implementing all of this. We should pretty much be done by the end of this calendar year.

There are a few announcements coming up, few acquisitions coming up actually, in the remainder of this year. And so that, I think, should kind of lay out the full strategy for, you know, the goals that we have to deliver against, by ’29.

Rick Schaferropp, Semiconductor Analyst: No. Thanks for all the color. And and, I believe INE is already a billion dollar or better than a billion dollar business. But I know you’ve talked about again, know this is not a forecast. It’s a target, but you’ve got 4,000,000,000 out there, I believe, from fiscal twenty nine.

And I’m really just curious, you know, what sort of gives you the confidence in hitting that inflection, you know, in the next roughly, you know, four years or so.

Nicole Dugal, GM Auto, IoT, and Cloud, Qualcomm: Yeah. I think, you know, frankly, it really comes down to the breadth of the technology portfolio. And this is one thing that I think the learnings from automotive helped a lot. There is a tremendous value that exists in our technology portfolio that you can only understand if you perceive it through a lens that is unique to the market that you wanna go after. And that is why I kind of described our different approaches.

You really have to have many different lenses through which you can understand the SAM. And once you come up with a recipe, then it’s really creating the pool for your technology that is instantiated in different products. The market is large. The mark you know, I talked about at Investor Day, the SAM is probably $50,000,000,000. So, you know, we want to, make sure that we are, you know, capturing every, every type of an opportunity.

We are flexing in many different ways in terms of how our products are being used. We are creating new product segments. We are creating new use cases for the technology that we are building. And so it requires a pretty good cocreation effort with a wide variety of segments in terms of how to find kind of new pockets of opportunity, and, that’s what we are trying to consolidate. So so far, I feel like it’s actually gone gone pretty well.

Rick Schaferropp, Semiconductor Analyst: Great. Oh, congrats. I wanted to dig in just for a minute, just a little deeper on the IQ series because you’ve had several announcements, right, over the last year, on that product line. And, you know, I didn’t know if you could talk about it, you know, or give any color as much as you can on initial traction, feedback from customers, you know, things like that. Kinda how it’s being

Nicole Dugal, GM Auto, IoT, and Cloud, Qualcomm: Yeah. I think the IQ series, for those of you that are not familiar, was an industrial processor family that we introduced. We leveraged a lot of this from our automotive portfolio. And one of the things that is obviously lacking in the industrial space is high performance SOC products that have, you know, that have real time behavior, that have a lot of camera capability, onboard AI capability, high performance CPU cores, a GPU display multimedia, but that are also designed for safety. That can also be used in, you know, cell levels, cell two and three levels can be used for robotics.

So this kind of this Swiss knife type of product doesn’t really exist in the industrial space. So we recognize that gap last year, and we came up with the IQ eight and the IQ nine series. And it’s actually done really well because it’s it’s addressing a lot of new types of customers and new types of markets that have traditionally never really had any reason to interact with Qualcomm because they looked at us mostly as a smartphone provider. Because we leverage a lot of our automotive technology, it gave customers the confidence that, you know, not only do we have the long term commitment, but these are high quality, high reliability parts. They’re designed for safety.

They’re already commercial, so this is a new thing that they’re using. And then, I think now there is just a tremendous amount of market expansion going on to go after a lot of segments that have either used just traditional x 86 or, you know, some of our other, Armisa competitors. I think that’s where we are spending a lot of time trying to go differentiate with the IQ series. And I think so far, traction has been actually really good across a very wide variety of segments. Everything from edge AI boxes, surveillance, industrial automation, health care, retail, just very broad.

Rick Schaferropp, Semiconductor Analyst: Yeah. And that brings up a question I kinda should ask you earlier, but, you know, some of these it’s becoming more diffuse. Your your your go to market, it seems like you’re you’re going into new channels, you know, new markets that maybe you haven’t been in before. And, you know, a lot of times that means you gotta roll your sleeves up and build channel, right, and and build those relationships and get all that stuff going. So, you know, as you do that, as you broaden your your aperture, Greg, I don’t for lack of a better word, I guess, you know, as that opens up, I mean, how how what what is your go to market?

How do you build those channels? How much time how much rope do you give yourself? You know, how much time do you give yourself to to develop that stuff?

Nicole Dugal, GM Auto, IoT, and Cloud, Qualcomm: Yeah. Yeah. I think, maybe the best way to describe it is to think about your portfolio in the context of what type of channel is best suited to carry your portfolio. We are not a company that has a lot of MCU type products. So our products are usually a bit more sophisticated.

So we work with a very large number of scaling partners who need to get comfortable and familiar with the products that we build. And once they do go do that, then that creates a lot of, visibility of options that are available for our end customers. For example, for our, application process of portfolio, we’ve had to build a large number of new form factors that we were unfamiliar with, that we didn’t really, spend a lot of time on. And so we’ve been doing that in Germany, in Japan, in Taiwan, in China. And that’s basically making us pretty straightforward drop and replace option, you know, to for customers to try out something new.

So that to me, in the scheme of things, is, you know, fairly fairly straightforward steps that we had to go take. We have been on this path of getting much closer to developers, and we’ll share more with you on that in the coming months. But that’s been a pretty important journey because one thing that we needed to do well was to be able to address the really long tail. And I think there is a plan in place there that I think is now working out quite well. As we roll that out, we’ll be able to go get to the long tail of developers that will bring Dragon Wing and Snapdragon products in the hands of you know, really, you download the board from the Internet and kind of scale from there.

And then everything else really is either a traditional Qualcomm channel that we are very familiar with and scale up nicely on, Or what I described earlier, was our, vertical focus strategy, focused on many different verticals that create a lot of digital transformation efforts, create a need for your products to be relevant in that space, and then work with their ecosystem for your products to get selected. Now because we have we have this very, we have this very clear and, regimented strategy around how to go make happen the revenue numbers that we have to deliver. And it’s gonna come from a wide variety of market segments, different types of products. And so that’s that’s kind of the channel strategy that we’ve been on.

Rick Schaferropp, Semiconductor Analyst: Okay. Thanks. And and maybe just one more if I could. And that’s you guys have always been pretty active on the m and a side, and and you’ve picked up a lot of, you know, different assets, some big, some small. And, I didn’t know if you you, you know, maybe you could walk us through sort of how you look at your broader acquisition strategy.

And maybe I I know you’re not gonna tip your head on any particular names probably, but but, you know, the types of tools maybe that are missing from from the Qualcomm toolbox.

Nicole Dugal, GM Auto, IoT, and Cloud, Qualcomm: So I think one area that we’ve been focused on quite heavily is developer focus. And so we acquired Edge Impulse earlier this year, and that gave us access to becoming very capable with the model onboarding, with the model training, and running these models on limited footprint devices. I think that’s one effort. There is other work going on in the developer area that we’ll share in the coming months. We also have been focused on the camera space quite a bit.

And I think camera is a you know, has been a differentiator for the company for a long time. Now we see camera really as a big AI sensor for a wide variety of use cases. We’ve acquired small companies that allow us to get into the solution space with cameras where we can actually build out end to end solutions, SaaS solutions for video security, video surveillance. And so that was an acquisition that we did, in the spring. We’ve also been, strategically acquiring companies that have, you know, a very small footprint in terms of the silicon footprint that they occupy for many different types of, market segments just to round off the portfolio such that it’s broadly applicable to, IoT.

We acquired AutoTox, a v two x company, a couple of months ago, and, that’s because of, the promise that we believe, is there in, v two x, safety applications in automotive, in other adjacent transportation verticals. So, you know, it’s not it’s not big companies, but it’s companies that kind of round out the overall strategy to allow us to get closer to our goals.

Rick Schaferropp, Semiconductor Analyst: Okay. That’s all the questions I have, and we’re right on pretty much on time. So, Nicole, I I really enjoyed meeting you. I really enjoyed the conversation, and and thanks again for for, you know, carving some time out to to chat with us today. Really appreciate it.

It’s great

Nicole Dugal, GM Auto, IoT, and Cloud, Qualcomm: seeing you. Thank you, Rick, and thank you to you, Ryan.

Rick Schaferropp, Semiconductor Analyst: K. Thank you.

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