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, I KNOW THAT YOU WILL BE JUMPING ON THE QUALCOMM CALL IN A FEW MINUTES. THANKS SO MUCH JULIA. NOW TO OUR LEAD. A STRATEGY OVERHAUL AT QUALCOMM. THE CHIPMAKER THAT POWERS MOST OF THE WORLD SMARTPHONES. QUALCOMM SAYING IT'S CUTTING 15% OF ITS WORKFORCE AND SLASHING COSTS BY $1.4 BILLION. IT'S ALL PART OF BOWING TO REQUESTS BY INVESTORS. IT DOESN'T MEAN QUALCOMM IS CONSIDERING THEIR REQUEST FOR A SPLIT. WHAT SORT OF CLUES ARE WE GETTING ABOUT BIG, STRATEGIC CHANGES AND A POTENTIAL BREAKUP? ROMIT: WE ARE SEEING A COUPLE THINGS, EMILY. WE WERE EXPECTING A RESTRUCTURING AROUND $500 MILLION. WHAT THEY ANNOUNCED THIS AFTERNOON WAS A CUT OF ALMOST $1.5 BILLION. ALMOST THREE TIMES AS BIG AS WHAT WE WERE EXPECTING. THAT IS GOING TO COME IN EARLY FROM THE HEADCOUNT AS WELL AS THE REDUCTION OF THE NUMBER OF OFFICES. IT SOUNDS LIKE THEY WILL BE MOVING RESOURCES INTO LOWER-COST REGIONS. THE OTHER THING THEY SAID IS THAT THEY ARE LOOKING AT POTENTIALLY BREAKING OF THE COMPANY, WHICH IS PRETTY SIGNIFICANT. WHEN MOST INVESTORS DO PARTS ANALYSIS ON QUALCOMM, LOOKING AT THE LICENSING BUSINESS AS WELL AS THE CHIPSET BUSINESS, YOU COME UP WITH A VALUE THAT IS SIGNIFICANTLY HIGHER THAN WHAT THE STOCK IS TRADING AT TODAY. EMILY: LET'S TALK ABOUT THE PROS FOR A BREAKUP. WHO MIGHT BE INTERESTED IN WHAT PARTS OF THE BUSINESS? ROMIT: WE ARE NOT TALKING ABOUT A SALE. WE ARE TALKING ABOUT SPINNING OFF THE LICENSING. THEY HAVE TWO BUSINESSES, A LICENSING BUSINESS, WHICH IS ABOUT 1/3 OF REVENUES BUT 2/3 OF PROFITS. THEY HAVE A CHIP BUSINESS WHICH IS 2/3 OF REVENUE BUT ONLY 1/3 OF PROFITS. THE IDEA IS THAT YOU SPLIT THOSE TWO INTO TWO SEPARATE ENTITIES WITH A FAIR MARKET VALUE EACH OF