QCOM

 I was very pleased with today's ER, which was a textbook validation of the thesis. Auto revenue was up 38% (more than I expected), and IoT revenue was up 9%. Handset revenue was down 13%, which is around what I expected as the company continues to transition away from lower-margin segments. Licensing revenue was up 5%.

My favorite part of today's ER, however, was confirmation that the company will begin shipping custom silicon ASICs to a "leading hyperscaler" by later this year. This is exactly what I was hoping for, given the recent acquisitions of Ventana and Alphawave.

Q2 (Fiscal Q3) guidance was a little light, but management expects Fiscal Q3 to be a trough quarter with revenue reaccelerating towards the end of the year--which is exactly what I was hoping for. The company also expanded its share buyback program and raised the dividend.