kunjan sobhani

South Korea's $307B AI plan (part of ~$880B tracked sovereign spending) creates sticky, long-term demand for memory fabs and data centers, reducing reliance on quarterly hyperscaler decisions and pressuring other regions like EU to increase their commitments.

Arm's smartphone revenue declining but data center licensing momentum provides immunity; Qualcomm's data center story long-dated while near-term earnings hostage to deteriorating Android China sell-through and Apple modem transition.

Arm's smartphone revenue majority but downside priced; data center licensing is key watch. Qualcomm's near-term data center narrative contradicted by worsening monthly Android China sell-through across tiers and Apple modem loss.

With buybacks yielding only single-digit percentage impact, Nvidia is using its cash generation for convertible bond investments in partners like MediaTek that secure roadmap alignment and expand the AI factory supply chain.