Unfortunately, I don't see Qualcomm transforming into Texas Instruments (NASDAQ: TXN), which has a lot more exposure to the growing automotive market and limited exposure to the sluggish smartphone market, anytime soon. Therefore, Qualcomm is heavily dependent on the smartphone market, which has cooled off lately due to severe COVID-19 restrictions in China, sluggish consumer spending amid high inflation, and lackluster sales following last year's 5G upgrade cycle. During the conference call, CFO Akash Palkhiwala warned that "rapid deterioration in demand and easing of supply constraints across the semiconductor industry have resulted in elevated channel inventory."