Increased competition from Intel: Mobile devices are almost completely reliant on radio components. Intel's (system-on-a-chip (SoC) – codenamed “Rosepoint” –allows Intel (NASDAQ: INTC) to fully digitize WiFi components. In other words, Intel has built a near-infinitely shrinkable Wifi radio that only it is allowed to make, with an implied markup of around 600%. Ultimately, Intel may be able to shrink Rosepoint down to 14nm. Qualcomm will have to find a way to respond to this disruptive development within the next two years without violating Intel's copyrights.
Goldman and Citi know this and are doing what they are doing to rape poor hard working people while things are lean/fear from CEO leaving looms, etc.. Don't forget that 48 core Smartphone Intel is developing. Intel will outlast any and all haters. Bet that.