Looks like ARM camp is showing signs of cracks. AAPL, QCOM...AMD switched to ARM. If anything, that's clear confirmation that ARM days are numbered.
I think it has to do with N.America being a bit soft on smartphones. Apparently - WiFi only tablets are taking some of the sales. It's still a bit puzzling that it should go down that much given that the market in Asia is still growing fast...
Also 3G (where Qualcomm gets most of its royalties from) is decreasing in North America.
I think 2013 is the year when Qualcomm's market cap is going to go into reverse and Intel's will rise far higher.
Qualcomm: 3G Device Sales Estimates For North America Continue To Deteriorate