Silicon Investor (SI) -- The First Internet Community

To: gdichaz who wrote (54016)	5/13/2003 2:51:19 AM
From: Uncle Frank	Respond to of 54800

>> Qualcomm will take in money whenever and wherever CDMA is used, regardless of where in the world that might be or whatever flavor of CDMA is employed. They've been raking in the money, Chaz. The problem is that they continue to drain most of it out, via QSI, before it reaches the bottom line. I don't think I'm alone in becoming disenchanted with pro forma earnings statements from Q. uf

To: gdichaz who wrote (54016)	5/13/2003 9:23:43 AM
From: Jim Mullens	Read Replies (1) \| Respond to of 54800

Cha2, agreed! Excepting EDGE, which is a significant concern should WCDMA not prove to be economically and technologically viable, all known paths to 3G involve CDMA and therefore Qualcomm. As you know, Engineer minimizes EDGE and believes that China and the rest of Asia will tip to CDMA2000 if WCDMA fails to live up to its promise. Regarding the “risk of missing the forest with a focus on the trees”, I try to focus on the metric of Qualcomm’s market expanding from its current 150 million subs (approx) to 1.2 billion this fall (GSM/GPRS capabilities with the MSM6300) and eventually over 2 billion with all flavors of 3G being CDMA based (excepting EDGE). The problem is that few in the “analyst” and journalist communities want to discuss the future in realistic terms. A second problem (as Uncle Frank pointed out) is the continued write-offs of past investments, some of which were necessary to seed the future and some which were just ill advised knowing what we know now of the technology industry implosion. I prefer to look at the forest and agree with you that the Best is Yet to Come and “the future seems bright for Qualcomm over time”. However, I wish your salt would cease being poured over my wounds. To the salt-less future- jim