BILIAUT@EC2604A(20653.HK)

QCOM (Trans): Memory Shortage; Smartphone OEMs Cutting Production Plans

Below is Dolphin Research's Trans of Qualcomm's FY2026 Q1 earnings call. For our earnings analysis, see 'Qualcomm: Memory Crunch Deepens — Are Handset Stocks Doomed?'.Key takeaways: 1) Memory shortage. Over the next few quarters, the smartphone industry will face constrained DRAM supply and higher prices. As memory suppliers shift capacity to HBM to meet AI data-center demand, shortages and price hikes are emerging, which could determine the industry's overall scale this fiscal year.2) OEMs. Several smartphone makers are adopting a cautious stance, especially Chinese brands. ...

The Hang Seng TECH Index's intraday decline narrowed to 0.4%, having previously dropped over 1.8%. Horizon Robotics, BYD COMPANY, LENOVO GROUP, and Li Auto rose over 2%

The NASDAQ Golden Dragon China Index initially rose by 1.9%. Among popular Chinese concept stocks, Yilong Energy rebounded by 64%, JinkoSolar rose by 8%, YUM China increased by 4.6%, ZAI LAB went up by 3.7%, Canadian Solar rose by 3.3%, and Li Auto increased by 2.2%. In contrast, NetEase fell by 5.3%, Century Internet dropped by 5.6%, and WeRide declined by 6.3%

South Korean shares rise as auto, battery makers offset chipmaker losses

South Korean shares rose for the second consecutive session, with the KOSPI up 0.45% at 5,311.71, driven by gains in auto and battery sectors despite losses in chipmakers like Samsung Electronics and SK Hynix. Hyundai Motor and Kia Corp saw increases of 2.24% and 1.10%, respectively, while LG Energy Solution and Samsung SDI also posted gains. Foreign investors were net sellers, and the Korean won weakened against the dollar. Bond yields rose in the money and debt markets.

Hyundai Motor America records best January sales ever in 2026, with total sales up 2%; hybrid sales spike 60%. New Palisade up 29%, Santa Fe HEV up 43%.

Hyundai Motor America achieved its best January sales ever in 2026, with total sales rising by 2%. This growth was driven by a remarkable 60% increase in hybrid sales. The new Palisade model saw a 29% sales increase, while the Santa Fe HEV experienced a 43% jump in sales. The announcement was made on February 3, 2026, from Fountain Valley, California.