Investors continue to monitor how Apple's shift to in-house modem development will impact Qualcomm's business. Bernstein analyst Stacy Rasgon noted in a client report that Apple may adopt its own chips for the iPhone Air and iPhone 16e models but will continue using Qualcomm chips in the iPhone 17 series, mitigating the impact on Qualcomm.

In a securities filing on Wednesday, Qualcomm stated that Apple, Samsung, and China's Xiaomi each still contribute over 10% of its revenue. While Qualcomm supplied all chips for Samsung's latest Galaxy S25 series, CEO Cristiano Amon acknowledged that the company is prepared for a potential decline in its share of Samsung's next-generation products.

"For the Galaxy S26, our target is 75%—that's our expectation," Amon said. He confirmed that Qualcomm is collaborating with Samsung's chip manufacturing division to produce some of its chips using 2nm technology but declined to disclose the specific products Samsung will manufacture.

Qualcomm expects Q1 chip revenue to range between $10.3 billion and $10.9 billion, with the midpoint of the forecast exceeding market estimates of $10 billion.