Guo Mingchi: If the merger between Qualcomm and Intel occurs, it could be a disaster. Guo Mingchi, an Apple analyst at Tianfeng International, said that the acquisition of Intel would only help Qualcomm's AI PC chip business. But from Microsoft's commitment to WoA (whose latest Surface models all use Qualcomm processors/ARM architecture), Qualcomm's growth in the PC market is only a matter of time. In addition, based solely on Intel's market value of approximately $93 billion, this acquisition will put immense financial pressure on Qualcomm and have an immediate negative impact on its profitability. The net profit margin may drop from the current 20%+to single digits or even losses (the wafer foundry business is the biggest burden). Moreover, considering the subsequent anti-monopoly investigations in various countries, it is difficult to complete this merger case in the short term. From this perspective, Qualcomm probably does not have a strong motivation to acquire Intel. If this acquisition case occurs, it could be a disaster for Qualcomm.