NEW YORK ( TheStreet) -- A big deal was made when, in the April quarter, Qualcomm (QCOM - Get Report) management issued guidance that was below Street expectations. Investors immediately began to panic, suggesting Qualcomm's reign over the chip industry was coming to an abrupt end. There were also rumblings about threats to Qualcomm's chipset margins, which had come under pressure.It was clear that the average selling price (ASP) of mobile devices were not as stout as they once were. After two years of strong growth, prices were beginning to come down, spurring more investor anxiety about high-end device saturation. This had a direct impact to not only Qualcomm, but also rivals including Broadcom (BRCM). But even though shares of Qualcomm had fallen almost 10% since reaching a high of $67.65 in April, I never believed that it was time to worry.
Qualcomm's Still the Best Way to Play Chips
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