Qualcomm has been getting pummeled all year. Handset sales are down 20%, they're losing Apple, and costs have been eating everything. Earnings dropped 25%. So what happens? They announce a deal with Amazon for AI data center chips and the stock jumps 9%. The AI fad is the only thing keeping this thing alive. Their own phone business is shrinking, they're raising prices just to keep up with costs, and everyone's suddenly excited because they're building chips for Amazon's cloud. The same analysts who were worried about margins a week ago are now talking about data center upside. It's all a show. The phone business is broken, they're losing their biggest customer, and the AI bet is years away from meaning anything. But sure, let's celebrate a deal that won't show real revenue for another year. If ever.
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