Qualcomm conference call: AI data centers “drain” DRAM capacity, memory shortage will determine this year's smartphone market size
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On February 4 Eastern Time, Qualcomm held its FY2026 Q1 earnings call.
According to Wallstreetcn, Qualcomm delivered record performance with revenue reaching $12.3 billion and Non-GAAP EPS at $3.50. QCT (chip business) revenue also set a record of $10.6 billion, and automotive business revenue grew 15% YoY to $1.1 billion, also hitting a historic high.
However, due to a shortage of DRAM memory supply, Qualcomm’s guidance for the second fiscal quarter shows that mobile chip revenue is expected to drop to around $6 billion, reflecting the direct hit on shipments from supply chain bottlenecks.
Memory Crisis: "HBM squeezing out DRAM, it’s all about memory"
On the earnings call, the biggest “black swan” came from the supply chain. Qualcomm CEO Cristiano Amon bluntly pointed out that although end demand is strong, the mobile industry is facing a serious memory shortage.
The root cause of this shortage is the boom in AI data centers. Amon explained:
As memory suppliers redirect capacity to HBM (high-bandwidth memory) to meet AI data center demand, the industry-wide memory shortage and price increases may define the overall scale of the mobile phone industry for the entire fiscal year.
Qualcomm CFO Akash Palkhiwala added that, given the current environment, many mobile OEMs are taking a cautious approach, reducing chipset inventory to match lowered device production plans.
In the Q&A, Amon further emphasized the root of the issue:
This is 100% related to memory. In fact, macro indicators have been strong, and we see strong demand for phones...but unfortunately, what we saw in Q1 and our Q2 guidance is entirely limited by memory availability.
He further asserted:
The size of the entire fiscal year's mobile phone market will be determined by memory availability.
Mobile Business: Samsung Share Stable, AI Phones the New Battleground
Despite facing supply headwinds, Qualcomm’s position in the high-end market remains solid.
Regarding Samsung’s upcoming flagship devices (Galaxy S26 series), Qualcomm confirmed it expects to maintain about a 75% market share, consistent with previous expectations.
Additionally, Amon specifically mentioned ByteDance’s release of the Doubao AI smartphone, calling it an “important milestone in the transition to AI-native smartphones.”
Amon stated that high-end and premium market demand exceeded expectations, and that segment has shown more resilience to price increases. He said:
OEMs will likely prioritize high-end and premium products as before, which means with memory constraints, manufacturers will tend to protect high-margin models.
Diversification Highlights: Automotive Business Accelerates, Q2 Growth Projected Over 35%
Amon announced a long-term supply agreement MOU with Volkswagen Group, with Qualcomm as the primary technology provider covering brands such as Audi and Porsche.
Additionally, Toyota’s best-selling model worldwide, the RAV4, is also equipped with the Snapdragon Cockpit platform. Amon said:
We feel good about our revenue scale forecast for the automotive business and are moving in the right direction toward our FY2029 target. As new models are ramped and released, our previously established design-win funnel continues to convert into actual revenue.
PC & Robotics: Building the Future of “Physical AI”
In the PC space, Qualcomm continues to advance the Windows on ARM ecosystem.
Amon revealed that the Snapdragon X2 Plus platform with third-generation Oryon CPU is out, with 18 Snapdragon-powered PCs unveiled at CES and a projection for 150 Snapdragon X-series PCs to go commercial this year.
Notably, Qualcomm is making major moves in robotics, launching the Dragonwing IQ10 chip series aimed at accelerating household, industrial, and humanoid robot commercialization.
Amon described this as the next frontier of “Physical AI” and said Qualcomm is partnering with leading robotics companies like Figure and Kuka.
Data Center: Targeting Inference Markets, Revenue from 2027
On the highly-watched data center business, Qualcomm reiterated its ambitions to offer dedicated inference chips for “disaggregated data centers.”
Amon revealed the company is executing a two-pronged strategy: 1) CPUs based on Oryon, 2) CPUs based on RISC-V, strengthened by acquiring Ventana Microsystems. He stated:
Recent industry developments validate Qualcomm’s view that as inference becomes the key growth driver in data centers, specialized and energy-efficient AI platforms are critical.
Qualcomm expects the data center business to generate substantial revenue starting in 2027.
Full transcript of Qualcomm’s earnings call as follows:
Meeting date: February 4, 2026
Company: Qualcomm
Meeting type: FY2026 First Quarter Earnings Call
Opening by Moderator
Ladies and gentlemen, thank you for waiting. Welcome to Qualcomm’s FY2026 Q1 earnings conference call. All participants are currently in listen-only mode. Q&A will follow shortly. Please note this call is being recorded, on February 4, 2026. Today’s replay number is 877-660-6853, international dial-in 201-612-7415, replay reference 137-58-127.
I’ll now turn the call over to VP of Investor Relations, Mauricio Lopez-Hodoyan. Mr. Lopez-Hodoyan, please proceed.
Mauricio Lopez-Hodoyan (VP of Investor Relations)
Thank you. Good afternoon, everyone. Today’s call will include prepared remarks by Cristiano Amon and Akash Palkhiwala. Alex Rogers will join the Q&A. You can access our earnings release and accompanying slides on our Investor Relations website.
This call is webcast live at qualcomm.com and replay will be available later today. On this call, we’ll use Non-GAAP financial measures as defined by G rules. You can find a GAAP reconciliation on our website.
We’ll also make forward-looking statements, including projections about future events, business or industry trends, or financial results. Actual results may differ materially. Please review our SEC filings, including our latest 10-K, which contains risk factors that could cause actual results to differ.
Now to Qualcomm President and CEO, Cristiano Amon.
Cristiano Amon (CEO)
Thank you, Mauricio, and good afternoon. Thanks for joining us today.
In Q1 FY2026 we achieved record revenue of $12.3 bn and Non-GAAP EPS of $3.50. QCT revenue hit a record $10.6 bn, mainly driven by strong flagship phone performance. We also saw record auto revenue, and positive momentum in industrial, edge networking, and smart glasses within IoT.
Licensing business revenue was $1.6 bn. Global demand for mobile devices—especially high-end and premium—exceeded expectations with healthy sales throughout the first quarter and early FY2026 weeks.
In coming quarters, the mobile industry will be constrained by memory availability and pricing, especially DRAM. As memory suppliers reallocate capacity to HBM for AI datacenter needs, resulting industry-wide memory shortages and price increases could define the sector’s overall scale this year.
Given this, several mobile OEMs—especially in China—are taking a cautious approach, reducing chipset inventory. This is reflected in our guidance for next quarter. We’ll continue to work closely with customers and suppliers and adjust as things develop. Akash will share more details on this.
Now to key business highlights. We’re pleased with continued expansion in the high-end and premium smartphone market and Snapdragon’s appeal, including broad OEM adoption of dual-flagship strategy. For Samsung’s upcoming flagship series, our expected share of about 75% remains unchanged.
Notably, this quarter, ByteDance launched its first AI smartphone powered by Snapdragon 8 Elite—a key milestone towards AI-native phones, pioneering agent experiences that shape the mobile future. As agents evolve and AI becomes the new UI, smart wearables are rapidly becoming the next mobile compute category.
Early investments in powerful and efficient chipsets, advanced connectivity (including ultra-low-power WiFi), and environmental sensing have made Snapdragon XR wearables and audio industry favorites. We are happy to be collaborating with seven of the world’s nine major cloud companies, with 40+ personal AI devices in production or development.
In PCs, we launched Snapdragon X2 Plus, an extension of our second-generation platform tailored for enterprise and commercial markets. X2 Plus is powered by our third-generation Oryon CPU, offering up to 35% more single-core performance, 3.5x more multi-core performance, and Hexagon NPU offering 5.7x and 3.4x faster inference than competitors’ NPU/GPU, respectively.
At CES, ASUS, HP, Lenovo, and Microsoft launched 18 Snapdragon PCs; ASUS ProArt A16 is a highlight, featuring Snapdragon X2 Elite Xtreme—the fastest Snapdragon laptop to date, with an 18-core third-gen Oryon CPU, 80 TOPS Hexagon NPU for AI, and Adreno GPU, up to 2.3x performance per watt vs prior gen. X2 Elite Xtreme brings desktop-class performance and over 21-hour battery life to an ultralight 16-inch design. We still plan to commercialize 150 Snapdragon X-powered PCs this year.
Demand for our Snapdragon Digital Chassis solutions remains strong, with several new collaborations with leading automakers, OEMs, and service providers. We signed an MOU for a long-term supply agreement with Volkswagen Group covering multiple brands, including Audi and Porsche.
Under the MOU, we’ll provide advanced infotainment and connectivity features across vehicle segments, price tiers, and markets, powered by our Digital Chassis. We will also be the main technology supplier as the group develops a software-defined vehicle architecture with Rivian Automotive, and we’re working with CARIAD and Bosch’s autonomous driving alliance to accelerate highly-automated driving systems.
We are proud to see the newly launched RAV4—Toyota’s top global model—powered by Snapdragon Cockpit, offering premium in-cabin AI experiences. We announced new and expanded collaborations with Hyundai, Leapmotor, Li Auto, Zeekr, Great Wall, NIO, and Chery, bringing our total design-wins to 10 projects.
In industrial IoT, we keep expanding advanced computing, connectivity, and AI solutions across more industry verticals. Through recent acquisitions, we enhanced our Dragonwing Vision portfolio and Qualcomm Insight platform with AI-based, low-power imaging.
At CES, we introduced two new Dragonwing processors for security drones, smart cameras, industrial vision, AI TV, media centers, and video collaboration. The new Dragonwing IQX series marks our entry into industrial PCs—best-in-class compute and edge AI for PLC, advanced HMIs, edge control, and panel/box PCs.
This quarter, we officially expanded into advanced robotics, launching a whole set of technologies, including Dragonwing IQ 10. Our universal robotics architecture supports advanced perception and motion planning using VLA/VLM models, enabling robots to perceive, reason, adapt, and act in the real world.
As part of a complete hardware/software stack, IQ10 aims to speed up the commercialization of household, industrial, and humanoid robots, combining heterogeneous edge compute, safety-grade SOCs, and end-to-end AI. In a short time, we’ve partnered with Advantech, Yape, Auto Core, Booster, Figure, KUKA, RoboTech AI, etc., to define their next-gen robotic platforms.
Physical AI and robotics is experiencing rapid growth driven by advances in edge AI and sensor fusion, and Qualcomm is one of the best-positioned companies for AI’s next frontier, leveraging our strengths in high-performance, efficient compute, connectivity, and edge intelligence, and our experience in ADAS, automotive, industrial safety silicon, and sensing. Many of our leadership drivers in automotive transfer to advanced robotics.
Lastly, we continue developing data center solutions and are engaged with major hyperscalers, cloud providers, sovereign AI projects, and other global partners. We get highly encouraging feedback on our CPUs and next-gen AI processing and memory architectures for inference. Recent industry moves validate our view of the necessity for specialized, energy-efficient AI platforms as inference drives DC growth.
In Q1 FY2026, we completed our acquisition of AlphaWave Semi, adding high-speed wired connectivity, and we acquired Ventana Microsystems to strengthen our leadership and focused on expanding the RISC-V ecosystem and developing data center-class RISC-V CPUs.
We look forward to sharing more at our next investor event, including roadmap updates and progress in robotics, automotive, next-gen ADAS, industrial IoT, and 6G.
Now to Akash.
Akash Palkhiwala (CFO)
Thank you, Cristiano. Good afternoon. Let me start with our strong Q1 results.
Total revenue of $12.3 billion and non-GAAP EPS of $3.50 were both records, and EPS was at the high end of guidance. QTL revenue was $1.6 bn, EBITDA margin 77%, also at high end thanks to higher shipment and favorable mix.
We had record $10.6 bn for QCT, including strong YoY growth in auto and IoT. QCT mobile revenue hit a record $7.8 bn, reflecting benefits from recent flagship phone launches. QCT IoT revenue was $1.7 bn, up 9% YoY, mainly driven by consumer/network products demand.
In QCT autos, another record quarter, revenue rose to $1.1 bn, up 15% YoY, thanks to rising demand for our Snapdragon Digital Chassis. QCT EBT margin was 31%, exceeding our 30% long-term target.
Finally, we returned $3.6 bn to shareholders ($2.6 bn in buybacks, $949m dividends).
Before guidance, I want to discuss how memory industry dynamics affect our outlook. Our mobile business fundamentals remain solid, global macro is stable, Dec quarter total phone shipments beat expectations, especially at high end/premium where our Snapdragon design pipeline is strong.
However, AI DC demand for memory is causing near-term uncertainty for phone OEMs in supply and pricing, so they are cautious. We’re seeing several OEMs, esp. in China, reducing plans and inventory.
Next quarter guidance reflects signals from these customers, including lower chipset orders matching reduced builds. We expect QCT mobile revenue will resume its prior run-rate and growth trajectory when these conditions normalize.
Now to guidance. For Q2, we project revenue of $10.2–$11.0 bn, non-GAAP EPS of $2.45–$2.65.
For QTL, we expect $1.2–$1.4 bn with EBT margin 68–72%, reflecting normal seasonality. For QCT, revenue of $8.8–$9.4 bn, EBT margin 26–28%.
Due to memory constraints I outlined, we forecast QCT mobile revenue at about $6 bn. We expect QCT IoT revenue to be up low double-digits YoY, driven by industrial/consumer growth. In QCT Auto, following a record quarter, we expect Q2 YoY growth to accelerate above 35%.
Non-GAAP opex this quarter will be about $2.6 bn, with sequential growth due to typical calendar year resets on some employee costs and completed AlphaWave acquisition to enhance our next-gen AI DC platform.
In summary, we are pleased with our strong Q1—record company revenue, Non-GAAP EPS, QCT revenue, and record QCT mobile and auto revenues. While near-term QCT mobile guidance is affected by memory, fundamentals on mobile demand and Snapdragon remain strong.
Our Q2 guidance reflects continued acceleration in auto and IoT, with combined growth exceeding our long-term revenue target rate. Our CES 2026 launches and strong customer engagement further demonstrate momentum across growth engines.
In Auto, we’ve solidified tech leadership with 10 design-wins for Snapdragon Ride Elite/Cockpit Elite, 8 global projects with Ride Flex, and continued success building customer ADAS stack ecosystems.
In Robotics, we announced a comprehensive technology suite including the industry-leading Dragonwing IQ10, and collaborations to drive commercialization. In industrial, our expanded portfolio serves a wide customer base, from global enterprises to local devs, providing advanced compute and AI across verticals.
That concludes our prepared remarks. Over to you, Mauricio.
Mauricio Lopez-Hodoyan (VP of Investor Relations)
Thank you, Akash. Operator, we’re ready for questions.Q&A Session
Operator: First question from Joshua Buchalter, TD Cowen. Please go ahead.
Question: Hi, thank you for taking my question. Starting with your mobile outlook—aside from memory pricing, is there anything else causing weakness? Glad to hear Samsung’s share reaffirmed. But more importantly, how should we view the overall market size for the full year? Is this inventory adjustment the final one you’ve seen for the March quarter? Thanks.
Cristiano Amon: Thanks, Joshua. I’ll start, then have Akash add. This is 100% memory related. Macroeconomic indicators have been strong. Mobile demand is strong. With our licensing business, we have good visibility. Sales data is very strong.
But unfortunately, what we saw in Q1 and our Q2 guide is, 100% determined by memory availability. All signs are that for consumer electronics, especially smartphones, DRAM is dropping YoY as datacenters prioritize HBM. Market size will be determined by this.
We’re seeing customers respond, adjusting their production plans based on available memory. Akash, anything to add?
Akash Palkhiwala: No, I think that covers it.
Question: Thanks, Cristiano. As a follow up, your QCT outlook seems to mean a big qoq auto acceleration. Is this reflecting some of the ADAS wins you mentioned? Can you talk about drivers and the durability of this higher level? Thanks.
Cristiano Amon: Thanks. As we’ve said, our auto pipeline keeps converting to revenue as new cars ramp. That’s why we continue to see record auto revenue.
We know we don’t move with the industry, our share moves with our own wins. We’re excited about the trajectory. We feel good about all scale forecasts, FY2029 target is on track.
We keep winning designs, our industry positioning gets stronger. With this platform, Flex is gaining traction, bringing ADAS and digital cockpit on the same chipset. Some main mass production drivers are happening. We announced a broad deal with VW Group.
Comments on BMW, with that stack, ADAS gets more traction. Everything’s going very well.
Operator: Next question, Samik Chatterjee, JP Morgan. Please go ahead.
Question: Thanks. One DC question, and mobile follow-up. For DC, can you provide latest progress with customers? Given memory volatility, does that help or hurt progress with customers? Thanks.
Cristiano Amon: Thanks, Samik. For DC, everything is on plan. Only publicly announced customer today is (unclear), shipment started, we’re collaborating on 3rd party workloads with ISV partners.
We’re encouraged by R&D progress, feedback is very positive, and we’re talking with the biggest cloud providers and hyperscalers. We have something unique: a platform dedicated to disaggregated datacenters. For workloads like inference, we do very well with compute+memory innovation. This trend validates that with disaggregated DC, you have specialized hardware—not just GPUs for everything. That’s gaining traction.
We’re focused on execution, have set milestones. We’re executing on both CPU (beyond Arm with RISC-V), and new architectures for AI/memory. We’ll give roadmap detail at investor events. Still expect revenue in 2027. Feels good. Akash, anything to add?
Akash Palkhiwala: No, I’d only add that as we stated, we expect this to be a multi-billion dollar opportunity over several years. Everything Cristiano outlined affirms this.
Cristiano Amon: On memory, we’ll see how it develops. Stepping back, we’re happy with everything in the business—just wish we had more memory.
Given its scale and cycle, mobile is hit the hardest. Less impact to other divisions—for example, auto is less sensitive to memory price hikes. For mobile, it’s significant.
Looking back at the pandemic is a good reference—premium/high-end have proven resilient to price increases. Most important is not just price, but availability.
So memory availability will determine total mobile market size. OEMs will likely prioritize high-end and premium, as before. This segment more protected, and we’ll see how consumers respond to higher ASPs.
Again, I stick with: mobile market size this year will be determined by memory availability, and we’ll watch quarterly. As mobile reprices and mix shifts up, we'll see what happens.
Question: Got it, quick follow-up—when OEMs prioritize high-end, do you expect them to shift chipset/SOC tiers to manage total cost passed to consumers? That’s all, thanks.
Cristiano Amon: In general, looking at this quarter—yes, memory shortage exists, but when memory is available, results are strong. Consumer demand is very strong. High-end keeps expanding as a tier for years.
In a flat mobile market, high-end band keeps growing, so this will drive OEM focus. We mentioned dual-flagship strategy—multiple high-end tiers like Ultra, and that’s well accepted by the market. I expect this to continue.
Overall, high-end should stay more resilient. Of course, memory available is memory available.
Operator: Next question, Ross Seymore, Deutsche Bank. Please go ahead.
Question: Thanks. On your mobile business, can you say what percent is China, given you said they’re hardest hit? And after Q1 decline, do you expect normal seasonality, or is that hard to say?
Cristiano Amon: On the first, Ross, we don’t break by region, but if you look at China OEM-driven mix by percent and adjust by tiers, our exposure is actually lower than just unit numbers suggest.
Question: And seasonality?
Akash Palkhiwala: For mobile seasonality, you should expect consumer demand to match past seasonality. Consumers tend to wait for high-end launches, then buy en masse.
As Cristiano said, supply and demand match is the real issue. We have no demand problem; it remains strong. Design pipeline is strong, it’s just about supply matching it in coming months.
Question: Follow-up: you explained reasons for opex increase in March well. After that, any adjustment, or are you investing through this period?
Akash Palkhiwala: We guided March opex reflecting the rest of the year. Our approach on opex is to cut mature business spending to fund diversification priorities.
Recent acquisitions, like AlphaWave, add incremental costs for DC, but we’re focused. As in previous years, opex growth lags revenue/gross profit, and that won’t change.
Question: Thanks.
Operator: Stacy Rasgon, Bernstein Research. Please go ahead.
Question: Thanks. I want to ask about seasonality in June. Normally revs drop in June but you guided $6 bn for mobile, down 13% YoY for March. With current memory reality, do you expect a similar YoY move for June? Or is $6 bn a good ongoing “maximum” to expect given supply constraints? How do we view June versus March?
Akash Palkhiwala: Stacy, given uncertainty, we don’t guide past Q2. But as Cristiano said, demand fundamentals are strong; what matters is supply matching that, which defines FY guidance. For quarter-to-quarter, modeling Q2 as similar to Q3 like in prior years is reasonable.
Question: Got it. Follow-up on QTL. Sounds like demand there, but not sure how many phones can be built. How should we think of typical QTL run-rate per quarter this year? Similar to prior? Your Q2 guide similar to typical March. Thoughts?
Akash Palkhiwala: Yes, Stacy. December was strong, phone units above forecast. Next quarter QTL guidance is just below last year’s level, so very consistent trend.
Of course, it depends on supply. Looking at full year, we have a negative bias on units, but need to see how things develop in coming months.
Question: So maybe slightly below March, but reasonable, all things considered.
Akash Palkhiwala: That’s the framework we’re using.
Question: Thanks.
Operator: Timothy Arcuri, UBS. Please go ahead.
Question: Thanks. Akash, on QCT op margin guidance. The drop is steep; anything going on, especially with wafer costs up, even as you hold high-end share? Any factors causing faster than-expected drop in 3/23 op margin?
Akash Palkhiwala: No, Tim. We expect gross margin roughly flat qoq. It’s only the revenue decline throughput and opex as guided.
Cristiano Amon: Sorry, Tim, just to add—other companies’ reports show same trend: the mobile market is adapting to new build realities, nothing else.
Remember we always have the seasonality, Lunar New Year launches many flagships, so you often see some sequential China drop as they build for high-end launches.
Question: Thanks. Any update on Huawei license? Is there any risk if you don’t sign, any precedent with other big customers?
Alex Rogers: Thanks, I’m Alex. No update, discussions ongoing. Can’t comment on confidential talks. These two sets of negotiations are very different, separate paths.
As you know, we always start renewal talks in advance. No further updates now.
Question: Thank you.
Operator: Next, C.J. Muse, Cantor Fitzgerald. Please go ahead.
Question: Yes, good afternoon. Thanks for the questions. DRAM makers say they can only meet 50–70% of demand and shortfall may stretch to 2028. How do you plan for this? Are your China customers looking to design in CXMT and are you qualified? Business with Samsung seems robust given in-house DRAM; foundry commitments with TSMC? How are you managing all this uncertainty?
Cristiano Amon: Good questions. For mobile, we do not buy memory; we may stack some on modems, but most is purchased directly by our customers.
Given our scale, expect us to be among the first certified with every memory vendor—CXMT and all the smaller ones. We have flexibility vs some peers; if you dig in, you’ll see we use both new and old mem versions—multi-gen memory controllers.
From a platform view, we’ll use whatever’s available; that’s always our approach. On the industry’s bigger question: DC growth trend continues; memory vendors prioritize HBM builds as you noted. Data shows that for consumer electronics, memory availability is down YoY vs demand. That’s clear—see recent comments on game consoles, etc.
Cannot predict if this lasts to 2027 or 2028; there are capacity build plans, and it depends if DC keeps accelerating. Reasonable to assume for this fiscal year, mobile market scale—where most of our impact is—is defined by DRAM availability.
Akash Palkhiwala: CJ, on leading-edge wafers, leading nodes are also tight, but our supplier relationships are great. Confident we’ll get enough wafers for demand.
Question: Thanks. If Snapdragon mix shifts higher but units lower, what’s the impact on QCT EVT margin?
Akash Palkhiwala: You know, CJ, we do very well in high-end and premium, so higher mix shift is positive for us.
Operator: Next, Ben Reitzes, Melius. Please go ahead.
Question: When we look at Apple and its double-digit growth ambition, it seems they’ll still get a disproportionate share of available DRAM. Is this possible? How do you deal with this? Does this raise ongoing uncertainty if one vendor gets outsized units and allocation?
Cristiano Amon: Hard to predict; reminder, another major customer also has a memory division. In general, larger OEMs may have better access to enough memory and make priority decisions, but smaller brands may be more affected.
But as an industry, no OEM is completely immune. The issue is supply constraint, not demand.
Question: Thanks, already many questions on this. Next, on data center: have you had any recent validation progress, especially versus NVIDIA, or on inference trends?
Cristiano Amon: What I can say—without front-running investor events—is that many companies now recognize Qualcomm’s technology and execution. We understand the compute/memory dynamics and span from sub-5W up to 500W in IP roadmap.
When entering this market, we had to intercept market shifts; we're focused on inference, especially disaggregated. On decode, we’re very competitive in power, TCO, compute/memory density.
Feedback from large customers is quite positive. Now the ball is in our court—we need to execute, deliver hardware, and results.
Operator: Thank you. That concludes today’s Q&A. Mr. Amon, any closing remarks?
Cristiano Amon: Yes, just to add: unfortunately, the industry is affected by memory, but we’re still encouraged by the foundation we’ve built to stay relevant in many industries. Our path to FY2029 diversified revenue goals is on track.
We’ve made rapid inroads into robotics and physical AI opportunities, the best edge AI examples after autonomous driving. We believe we’re building a different company, relevant in many markets.
We’ll keep executing our roadmap. Thanks to partners, suppliers working with us amid the memory shortage, and our employees. We look forward to speaking with you next quarter.
Operator: Ladies and gentlemen, this concludes today’s call. You may disconnect.
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