About 43% of Qualcomm's stock is attributable to its chipset business, while royalty rates constitute another 29% of the value. If chipset prices are $1 lower than we forecast, it will have a $1 negative impact on the stock (2% downside). Similarly, if royalty rates are 0.25% lower than we forecast, it will translate to a $1 negative impact on Qualcomm's stock.
Qualcomm Declines Should Continue
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