In U.S.-China Tech Rivalry, Whose Side Is Qualcomm On?

Qualcomm Inc.’s QCOM -4.78% strategic value to the U.S. saved it from a hostile takeover, but the mobile-chip giant is now at the center of an escalating tech rivalry between its home country and its biggest market: China.

That exposure means that Qualcomm must take care not to get on the wrong side of Beijing, which closely monitors its tech industry. “Whoever gets a lot of profits and interests from China will be somewhat vulnerable to China’s actions, vulnerable to a potential trade war dispute between the U.S. and China,” said Mark Li, a technology analyst at research firm Bernstein.

“Four hostile newspapers are more to be feared than a thousand bayonets...” ― Napoléon Bonaparte