CryptoCurrency
Why Now Is the Time to Be Cautious on Qualcomm Stock (NASDAQ:QCOM)
Qualcomm (QCOM), a leading semiconductor company, came under pressure on October 23 after Bloomberg reported that its long-term partner, Arm Holdings (ARM), was scrapping the license agreement between the two companies. I believe it’s time to be cautious about Qualcomm stock as this decision may adversely impact the company’s relationships with its main customers, potentially leading to a loss of revenue.
Although Qualcomm enjoys a long runway to grow, aided by favorable long-term trends in the chip market, I am neutral on the prospects for the company given the lack of clarity surrounding the impact of Arm’s decision.
Although I believe Qualcomm is well-positioned to benefit from a recovery in the global semiconductor market, I am wary of the risks posed by Arm’s license deal cancellation. According to Bloomberg, Arm Holdings has given Qualcomm a 60-day notice of cancellation of the license deal that allowed the chipmaker to use Arm’s IP to design and develop chips.
If the two companies fail to strike a new deal, Qualcomm would lose access to Arm’s instruction set architecture which is used to create custom CPU cores. Qualcomm uses Arm’s architectural infrastructure in designing chips for Android smartphones, which is the biggest contributor to company revenue.
In addition, Qualcomm may have to redesign recently-introduced Nuvia-based chip designs, leading to a notable rise in development costs. This, in turn, will impact Qualcomm’s operating margins. Qualcomm may also have to materially change its product development pipeline, affecting the company’s product roadmap. Significant delays should be expected for new product launches, and these delays are likely to hurt the company’s brand image as a reliable chipmaker that delivers on time.
In addition to the direct impact resulting from the cancellation of Arm’s license deal, I am worried about the choices Qualcomm is left with in a post-Arm era. One option would be to consider alternative chip design architectures such as RISC-V. The problem with this strategy is that shifting to a new architecture will cost the company millions of dollars.
Such a transition will also give rise to operating inefficiencies in the first few years, making it difficult for Qualcomm to keep its major clients satisfied. Qualcomm may also consider developing a new architecture in-house to mitigate the threat posed by Arm’s license deal cancellation, but the company would have to incur substantial costs to build a new platform.
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UK based foreign exchange brand Travelex has announced that the company has undertaken a major expansion in the UAE, with the launch of 13 new stores across Abu Dhabi and Dubai airports.
At Zayed International Airport, Travelex is doubling its store footprint from seven to 14 stores, including six new on-the-move kiosk (OTM) locations at arrivals baggage, airside departures and pre-immigration, and one new traditional landside store. The new landside store will offer both a cash management service that will enable the airport’s businesses to process cash, as well as traditional consumer cash services, including access to 62 currencies.
Travelex initially entered Zayed International Airport in late 2023 with seven stores and eight ATMs. The new stores reflect the growing passenger demand and customer requirements of the UAE’s newest airport. As a dominant force in the capital’s aviation sector, Zayed International Airport rapidly affirmed itself as a key hub for air travel, solidifying its position as a vital player in the global travel landscape.
At Dubai International (DXB), Travelex is in the process of launching six new stores across all three terminals, including new traditional stores and stores upgraded from OTMS. Two ATMS dispensing AED were also installed at Terminal 3 Arrivals earlier this year. DXB has also seen a considerable post-pandemic growth in pax numbers, reinforcing its status as a leading hub for international travel.
The 13 new stores across Abu Dhabi and Dubai means Travelex will be operating 60 locations across the country. The latest IATA figures show that Middle Eastern airlines saw a 9.6% year-on-year increase in demand for June 2024, while capacity increased 9.4% year-on-year.
Batu Dölay, Managing Director, Travelex Middle East and Türkiye said:
“We’re delighted to be expanding our presence at two of the most exciting and dynamic airports in the world. This investment reflects the growing global reach and passenger numbers of our UAE airport partners, and our commitment to providing even greater access to international travel money than ever before.”
About Travelex
Founded in 1976 Travelex has grown to become one of the market leading specialist providers of foreign exchange products, solutions, and services, operating across the entire value chain of the foreign exchange industry in more than 20 countries. We have developed a growing network of ATMs and stores in some of the world’s top international airports, major transport hubs, premium shopping malls and city centres.
Travelex has built a growing online and mobile foreign exchange platform, and we also process and deliver foreign currency orders for major banks, travel agencies, supermarkets and hotels worldwide. In addition, we source and distribute sizeable quantities of foreign currency banknotes for customers on a wholesale basis – including central banks and international financial institutions. We also offer a range of remittance and international money transfer products around the world.
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