GCT Semiconductor is a fabless semiconductor company that designs and sells wireless chipsets — RF transceivers and baseband modems — used to connect devices to 4G and 5G cellular networks. GCT's chips are embedded in fixed wireless access (FWA) customer premises equipment, mobile Wi-Fi hotspots, IoT modules, and industrial wireless devices. GCT sells primarily to OEMs and ODMs, who build the end devices that are then certified and deployed by wireless carriers. GCT does not sell directly to carriers. The sales cycle is long, typically 12 months or more, and once a chipset is designed into a product, switching costs are high. GCT's R&D and engineering operations are based primarily in South Korea, with headquarters in San Jose. The company's core differentiators include an eight-antenna solution for FWA environments, an integrated SoC design that reduces device complexity, carrier certifications with major U.S., Japanese, and Korean carriers, and a licensing model with lower upfront fees and no ongoing royalties — a contrast to Qualcomm's approach. GCT is in a transition from 4G to 5G chipsets, with 5G ASPs roughly 4x higher than 4G, making the 5G ramp the central event for the business. Beyond FWA, GCT is pursuing satellite/non-terrestrial network and IoT applications. GCT's 5G chips are manufactured by Samsung Foundry on an 8nm process, and the company is otherwise capital-light, outsourcing fabrication, assembly, and testing.