Qualcomm Inc (QCOM)

[dwdkc]

JM,thanks and nice post, I knew you'd have a good analysis handy since you've done some pretty extensive modelling for '04 already.

I'm not too worried about chipset encroachment or even price reduction from the TI/Nok deal; for a long time I think that will be Nok phones only and not strong competition. In regards to the technical competition to Q in CDMA, I'm from Missouri (actually I am but you know what I mean!). I don't even wish Nok ill; I've been rooting for them to put out the kind of cool phones they're known for in CDMA because I figure they'll expand the market.

What is exciting is that so much of Q's upside in '04 is not discussed or priced in....as this becomes more clear to the street, we could have a pretty impressive rally. I'm slowly preparing.

Enough of this on a Sunday, but then the Chiefs don't play till later....