Qualcomm is a semiconductor and IP licensing company whose business operates through two units. QCT (~87% of revenue) designs and sells chips — primarily the Snapdragon family of system-on-chip platforms — used in Android smartphones, automotive systems, PCs, smart glasses, and industrial devices. Qualcomm is fabless, outsourcing manufacturing to TSMC and Samsung. QTL (~13% of revenue) licenses Qualcomm's large portfolio of cellular standard-essential patents (3G, 4G, 5G) to device manufacturers, who pay per-unit royalties based on wholesale device prices. QTL is lean and high-margin, running ~70-75% EBT margins, while QCT runs ~28-32%. Within QCT, handsets are the largest sub-segment, driven by premium Android smartphones where Qualcomm holds a dominant position. Automotive and IoT are smaller but growing. Apple, Samsung, and Xiaomi each account for more than 10% of consolidated revenue. Qualcomm's stated strategy is to diversify beyond handsets, targeting $22B in combined automotive and IoT revenues by FY29, roughly doubling from current levels. Automotive growth is driven by Snapdragon Digital Chassis adoption in new vehicles; IoT growth spans PCs, smart glasses, industrial automation, and edge networking. Qualcomm is also entering the data center market with AI inference accelerator chips, with management expecting data center revenues to become material in FY27.