Podcast Summary: Bloomberg Talks – Qualcomm CEO Cristiano Amon Talks Earnings, Component Shortages

Date: February 5, 2026
Host(s): Bloomberg Hosts
Guest: Cristiano Amon, CEO of Qualcomm

Episode Overview

This episode centers on Qualcomm's latest earnings report, focusing on the impact of component (particularly memory) shortages on the company's performance and guidance. CEO Cristiano Amon discusses the resilience of premium handsets, the company’s diversification efforts (notably in automotive and data center technologies), and outlook for the broader smartphone market amid industry-wide supply constraints.

Key Discussion Points

Qualcomm’s Recent Performance and Memory Supply Constraints

• Share Performance & Revenue Forecast:

  • Qualcomm shares dropped ~8%, marking the sharpest decline since 2020, mainly due to a subdued revenue forecast and memory supply worries. [00:07]
  • The company had a record Q1 with strong consumer demand, but supply—not demand—is the bottleneck.
  • “Demand is strong...We saw all of our customers reporting sell through data better than expectations.” —Cristiano Amon [01:06]

• Memory Shortages Impact on Handset Market:

  • Due to memory constraints, OEMs must size their handset production based on available memory, not end-user demand. This forces companies to prioritize certain product tiers. [01:59]
  • “It creates...a sudden change in how OEMs look at their build plan... They say, look, I have to size the size of the market not based on demand but the memory that I can get.” —Cristiano Amon [01:20]

Resilience and Expansion of the Premium Segment

• Focus on Premium and High-Tier Devices:
  • When supply is tight, OEMs prioritize high-end models, which are more resilient to price rises.
  • The premium market continues to expand and is less affected by price pressure compared to mass-tier devices.
  • “The premium and the high tier is going to be less impacted than the mass tier on phones. ...The premium tier continue to expand regardless.” —Cristiano Amon [02:27]
  • This trend echoes the company’s COVID playbook.

Guidance for Upcoming Quarters

• Uncertainty Ahead:
  • Q2 sales guidance caused concern, but Amon refrains from firm predictions for Q3 and Q4 due to the unpredictability of memory supply. [03:36]
  • “I’m a little hesitant to make a very definitive prediction...but the pandemic was a good proxy.” —Cristiano Amon [03:45]

Qualcomm’s Diversification Strategy

• Automotive and Robotics Milestones:

  • Automotive surpassed $1 billion in quarterly sales for the second time; new partnerships (e.g., Volkswagen for Snapdragon digital chassis) and product launches (Toyota RAV4 digital cockpit).
  • Entered robotics sector with “major customers” and strong IoT growth, signaling success beyond handsets.
  • “Hopefully it’s not lost on people that another record in automotive. ...The fundamentals of the company are actually incredible.” —Cristiano Amon [04:49]

• Data Center Initiatives:

  • Data center revenue expected to become significant in fiscal 2027, with focus shifting from training to inference workloads.
  • Qualcomm is developing a new architecture that does not rely on HBM (High Bandwidth Memory), lessening vulnerability to current memory shortages.
  • “We don’t need HBM which is causing all of this memory situation.” —Cristiano Amon [06:17]

Ongoing Consumer Demand

• Consumer Demand Remains Robust:
  • Strong macroeconomic indicators; handset sell-through exceeded expectations (from licensing data).
  • “Phones are getting off the shelf. So it’s not a demand issue, it’s just a memory supply issue.” —Cristiano Amon [07:24]

Notable Quotes & Memorable Moments

• On OEM Response to Constraints:

  • “The first thing they’re going to do, they’re going to prioritize premium and high tier, because those are more resilient...We are more concentrated on the premium, the high tier.” —Cristiano Amon [02:27]

• On Diversification:

  • “We continue to be satisfied with the direction the company is going on diversification...We add a new things like robotics. ...The fundamentals of the company are actually incredible.” —Cristiano Amon [04:49]

• On Data Center Architecture:

  • “We have a new architecture including for memory. We don’t need HBM which is causing all of this a memory situation.” —Cristiano Amon [06:17]

• On Current Market Dynamics:

  • “It’s not a demand issue, it’s just a memory supply issue.” —Cristiano Amon [07:24]

Important Timestamps

• [00:07] – Recap of recent share price drop and memory supply issues context
• [01:06] – Amon discusses strong demand, but memory constraints reshape OEM planning
• [02:27] – OEM prioritization of premium/high-tier devices amid supply constraints
• [03:36] – Amon addresses uncertainty in Q3 and Q4 outlook due to supply issues
• [04:49] – Highlights of Qualcomm’s growth in automotive, robotics, and IoT
• [06:17] – Insights on upcoming data center business and memory advantage
• [07:24] – Affirmation of robust consumer demand despite supply issues

Episode Tone and Language

The tone is pragmatic and grounded, with Amon conveying both confidence in Qualcomm’s fundamental business and caution around unpredictable externalities. Discussion remains focused on facts and operational strategy, balancing optimism about diversification with realism about supply chain headwinds.