Qualcomm CEO: Chip industry will resume growth, could double production in a decade
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Despite near-term macroeconomic pressure, Qualcomm (NASDAQ:QCOM) CEO Cristiano Amon said Tuesday that it's an "exciting time for the technology industry" as the economy is stepping out of the supply chain crisis that has hampered it over the past couple years.
Speaking to CNBC, Amon predicted that the production of semiconductors needs to double in next decade, citing acceleration in digital transformation in every industry.
"The future of the economy is digital," he said, noting that the semiconductor industry is central to this process and will "resume growth" as a result.
Asked about a recent trend to shift supply chains from China to the United States, the CEO commented that it is important to be "geographically diversified" and to have a "resilient supply chain."
With regards to Apple (AAPL) working towards replacing certain QCOM chips with its own in-house version, Amon said that his firm will continue to supply AAPL as needed, but that QCOM is much focused on expansion in automotive industry.
Looking at QCOM's stock performance, shares have lost around 33% of their value in past 12 months. The stock is up fractionally in Tuesday's intraday action, rising 34 cents to $120.58 at about 2 p.m. ET.
For another perspective on QCOM, see why Seeking Alpha contributor DividendRodeo says, "Qualcomm has an exciting strategy with high growth potential".