Qualcomm holds a vast library of patents for 3G, 4G and 5G technology. The company has earned licensing revenue for years, with the profits reinvested in extensive R&D to create the Snapdragon range of chips and associated systems. On paper, it should all be going well. In practice, Qualcomm has been a laggard in the sector. With smartphone volumes under pressure, what does the near-term picture look like?

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