Qualcomm Inc (QCOM)

[richbloem]

Looking at the CC, it seems Q management agrees with my thoughts.

I will close with one comment on our QSI segment. The financial markets for telecommunications companies, particularly in emerging markets, have been extraordinarily tough in the last two years. And this has, indeed, hit the value of our investments. However, these investments have achieved their strategic goals in driving the CDMA market in Latin America, Europe and other parts of the world. We believe that the need to make new investments is diminishing rapidly, and this is reflected in our estimate of net cash outflow for QSI of $150 million for fiscal '03.