

Episode 116: Earnings (AAPL, QCOM), Intel's Chiplet Bet, AI Factory Thesis
20 snips May 6, 2025
The discussion covers recent earnings from Apple and Qualcomm, highlighting their strategic responses to market challenges and supply chain shifts. Apple's pivot to manufacturing in India shows its adaptability, while Qualcomm eyes growth in IoT and automotive sectors. The conversation delves into Intel's advancements in semiconductor technology and chiplet architecture, which could reshape future manufacturing. Additionally, the concept of AI factories is introduced, focusing on transforming infrastructure from a cost center into a profit generator.
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Apple's Confident Yet Guarded Outlook
- Apple shows cautious confidence despite tariff uncertainties by providing revenue ranges instead of exact guidance.
- Their supply chain resilience and buybacks signal belief in undervaluation and growth potential amid global trade tensions.
India's Rise in iPhone Production
- Apple has rapidly scaled iPhone manufacturing in India, aiming to fulfill nearly all U.S. demand from there.
- This shift enhances supply chain resilience and aligns with Apple's growth and government relations strategy in India.
Qualcomm's Strategic Diversification Works
- Qualcomm's diversification beyond smartphones into automotive and premium IoT segments strengthens its growth potential.
- They see automotive infotainment growth now with ADAS potential later, while premium smart IoT replaces simpler microcontroller designs in some industrial applications.