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>Also, re. Qualcomm, it actually makes the majority of its revenue from IP licensing, not its sale of chips.

Wrong again, [1].

1: https://stockanalysis.com/stocks/qcom/metrics/revenue-by-seg...






Meh. Things have changed since I left the company. Back then it was the majority of revenue.

Also, your data doesn't differentiate between chips and services, so it may well still be the case that IP revenue trumps chip sales.




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