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<p>Qualcomm issued a stern warning for Q2, stating that the competition for HBM capacity in AI data centers has severely impacted traditional DRAM, leading to a significant shortage and forcing smartphone manufacturers to cut orders. The Q2 smartphone chip revenue guidance has been lowered to $6 billion. CEO Cristiano Amon emphasized that the total annual smartphone market size will directly depend on memory supply capacity</p>

- Qualcomm reported record revenue of $12.3 billion for Q1 2026, with a non-GAAP EPS of $3.50, largely driven by strong demand in its QCT chip business.  
- However, supply chain issues, particularly a DRAM shortage affecting mobile chip production, are expected to reduce mobile revenue to approximately $6 billion in Q2, impacting overall market forecasts.  
- Despite these challenges, Qualcomm maintains a strong position in the high-end smartphone market and anticipates significant growth in its automotive business, with a long-term agreement signed with Volkswagen.

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Qualcomm conference call: AI data centers "sucking dry" DRAM capacity, memory shortages will determine this year's smartphone market size