# Qualcomm (QCOM) — Axion Equity Dossier

**Verdict.** **HOLD / starter vs QQQ.** Axion P(beats QQQ)=0.38, curiosity-loop 0.48 (small buy on convexity). The Apple-modem cliff and handset/licensing erosion land before the back-loaded data-center pivot pays; the catalyst and the cliff are on different clocks.

Full published report: https://qcom-dossier.us-east-1.gists.org