hock - certainly not a lawyer, and I really don't have the answer to my question of "how much of QCOM's market cap is" derived from the similar business segments that IDCC is involved in. Q's chip business historically makes up about 60% of their revenues, but much less of their profit. They're pretty stable and growing as a company, and that probably comes into consideration too.
Market cap is determined by a lot of different things, so I'm just pointing out that your 2% of market cap comparison may have some adjustments to be made if you want to have a discussion about comparative "value" of the patents.
You certainly have a point about the prospects for SP increase on the IDCC side, which is why 10 years ago I diversified a significant chunk of my QCOM and bought IDCC, and last year doubled my position.
best of luck in all
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