What factors could disrupt QCOM's EPS growth in 2025?

Qualcomm's EPS growth in 2025 could be disrupted by several factors:

1. **Licensing Business Uncertainty**: The expiration of a significant agreement with Huawei has created uncertainty in Qualcomm's licensing business. This could lead to a decline in licensing revenues, which may negatively impact EPS growth.
2. **Apple's Modem Development**: Apple's push into the mobile modem space could potentially disrupt Qualcomm's dominance in this area. As Apple develops its own modem technology, Qualcomm may face reduced demand for its chipsets, which could negatively impact EPS growth.
3. **Macroeconomic Concerns**: The company's increasing exposure to China, coupled with growing macroeconomic concerns in the U.S., could lead to a decline in demand for Qualcomm's products. This could negatively impact EPS growth, particularly if there is a slowdown in the smartphone market.
4. **Tariff Risks**: The potential for tariffs on Chinese imports to increase could negatively impact Qualcomm, as the company has significant exposure to the Chinese market. This could lead to a decline in demand for Qualcomm's products, which could negatively impact EPS growth.

In summary, factors such as licensing business uncertainty, Apple's modem development, macroeconomic concerns, and tariff risks could disrupt Qualcomm's EPS growth in 2025.