3 Chip Stocks to Note Now: Qualcomm’s Earnings May Drop, AMD’s Server Utilized, Valve Showcases Nvidia

Qualcomm Corp. (NASDAQ:QCOM): Bank of America Merrill Lynch has downgraded Qualcomm to Neutral from Buy based on expectations that revenue and earnings growth will sharply decelerate over the next two years, presumably due to a peak in royalty revenues and possibly a decline in absolute terms over the next five years. Analyst Tal Liani sees it falling to just 10 percent in 2015, from 32 percent in 2013, as well as a mix shift toward emerging markets and white-label sales.

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