The boost came courtesy of its silicon-slinging QCT unit, raking in $9.5 billion. The mobile handset segment  brought in $6.93 billion, up 12 per cent. Automotive chips soared 59 per cent to $959 million, and the Internet of Things posted $1.58 billion. But the cash-cow licensing arm (QTL) flatlined at $1.32 billion, raising eyebrows.

Despite the quarterly win, the crystal ball looked murky. Qualcomm’s forecast for Q3 revenue sits between $9.9 billion and $10.7 billion, with the midpoint—$10.3 billion—leaving the cocaine nose jobs twitchy. The shortfall triggered a swift investor retreat.

Qualcomm pinned its gloomy outlook on macroeconomic aggro and trade chaos, especially tariff threats that could mess with demand or choke its China-heavy supply lines. With as much as 66 per cent of revenue tied to China, the risk is far from theoretical.

Another cloud on the horizon is the Fruity Cargo Cult Apple, which still buys Qualcomm modems but is dead set on chucking them by 2027. Apple’s slice of Qualcomm’s pie sits north of 20 per cent, so when that vanishes, so does a chunk of cash.

Qualcomm chief financial and operating officer Akash Palkhiwala said: “Within the Apple product business, as we’ve said, we expect our share to go lower in the launches that happened in the fall." 

That pessimism hammered home just how jittery investors are about Qualcomm’s reliance on Job’s Mob and the shaky smartphone market. The QTL stall-out suggests Qualcomm’s once-golden licensing scheme may be losing its shine—likely thanks to sagging demand or regulatory barbs.