Timothy Arcuri : Got it. And then now that you have the modem for longer for this one flagship customer, one can envision a scenario where maybe you can leverage that into some new RF content that you have not had in the past. Is this a scenario? I mean, it seems like it could add $1 billion maybe. I mean you were sort of running to $4 billion a year in your RFFE business prior to stopping to tell us what that is. So it seems like that is something you could potentially leverage the reliance on your modem business? Thanks.
Akash Palkhiwala: Yeah, Tim. I’d say that’s a conversation, obviously, that we will talk to the customer about. It’s a part of our portfolio, and we’ll make it available if they’re interested.
Operator: Our next question is from the line of Ross Seymore with Deutsche Bank. Please proceed with your question.
Ross Seymore: Hi. Thanks for a couple of questions and Akash, congrats on the COO role. The first one is on the OpEx side of things. You guys did a great job in the calendar fourth quarter and you gave the guidance for the fiscal first or fiscal second quarter, how should we think about that for the remainder of the year, given your commentary on kind of doubling down on some of the opportunistic investments to diversify the company, new cores, etc.
Akash Palkhiwala: Yeah, Ross. Thank you very much. From an OpEx perspective, really, the way we think about it is any hiring that we do will be very selective and focused on really acquiring new skills that are required for diversification. But other than that, we’ve gone through a reduction recently. We think we’re at scale to a large extent, and we’re committed to operating discipline.
Ross Seymore: Great. And I guess for my follow-up, I noticed in the 10-Q, you had a new 10% customer, I think it was a 14% customer. I don’t expect you to name who that is. But is that a reflection of the strong China demand that you talked about in the continuation of good future growth opportunities or was there any onetime aspect of that customer, whoever it may be popping up in the quarter?
Akash Palkhiwala: I think the you framed it in your first theory is a reasonable way of thinking about it.
Operator: Our next question is coming from the line of Tom O’Malley with Barclays. Please proceed with your question.
Tom O’Malley: Thanks for taking the question. Just passing on my congratulations to Akash as well. I just wanted to ask on the ASP side for Android. You’re obviously kind of characterizing the market that’s flattish into March, kind of the bottom in June and then improving from there. But you benefited from some good mix in the beginning of the fiscal year here. Could you talk about what you would expect from a mix perspective as you go to the back half? Would you see the same kind of strength on the ASP side that you’ve kind of seen over the past year? That would be really helpful to understand. Thank you.
Akash Palkhiwala: Yeah. So if you think about premium flagship launches for our OEMs, a lot of the launches happen in the holiday time frame just before the holidays going into Chinese New Year as well. And so you’ve seen a lot of those happen. We do have some significant launches through the middle of the year, but obviously, the next big launch goes into the holiday season, starting with Apple and then going into the Android launches. So that’s a typical cadence. Now when — just to confirm, just the premium tier we are talking about. Of course, there are other tiers and including the high tier, where we have very significant presence and that does drive a significant portion of our — the launches that happened through the year and also our revenue base.
Tom O’Malley: Helpful. And then just on the auto business, you’ve clearly seen some weaker data points just out of the ecosystem. Can you explain why your auto business may not be levered to some of like the ADAS areas where you’ve seen the particular weakness of late? And like when do those ADAS and win start layering on? Is that more of like a ’25 story for you guys or ’26. Just can you talk about the pipeline and when you see those more advanced wins kind of layering into the to the revenue stream? Thank you.
Cristiano Amon: Hi. This is Cristiano. Look, the automotive story of Qualcomm is primarily driven by share gains as models with our silicon part of our pipeline started to materialize into revenue. And the way you should think about it, historically, a lot of the revenue was telematics, now you see the largest component been a lot of the fully immersive digital cockpits on the car. And we already have some revenue from ADAS processing. You see a lot of cars for example, in China with both ADAS and autonomy with our processor, you see some of our customers in the United States of our processor. And I think that continues to grow as we get towards our 2026 revenue target, you’re probably going to see very healthy components of all of those elements.
