Intel Corp (INTC)

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Qualcomm's client chip revenues in phones don't come anywhere close to Intel's. Samsung is a special case as it has crazy mobile device revenues, but as margins erode/mix shifts down, Samsung will likely see some pretty serious profit compression.

Oh, and add to that only 10-20% of Samsung's devices use Samsung Exynos chips.

I think the "fears" here are far, far overstated.