Qualcomm Inc

“Qualcomm combines a near-irreplaceable SEP licensing tollbooth with a diversifying chip franchise delivering ~$12.8B in annual FCF, but at ~17x FCF the current price offers only ~30% upside to 2031 base case with a China decoupling tail risk that could permanently impair 60% of QCT revenues — making this a business to own at a better price, not at today's valuation.”