Qorvo’s Bold Board Move: How Starboard’s Peter Feld Could Unlock $30B in Semiconductor Value

The semiconductor industry is in flux, but one company is positioning itself to capitalize on the chaos: Qorvo (NASDAQ: QRVO). On May 19, 2025, Qorvo announced a strategic board expansion that marks a pivotal moment for investors. By welcoming Peter Feld of activist fund Starboard Value to its board—and avoiding a costly proxy battle—the company has set the stage for a shareholder-friendly transformation.

This move, combined with Feld’s proven track record of turning around undervalued tech firms, signals a rare alignment of activist pressure and corporate governance that could unlock billions in value. Here’s why investors should take notice—and act now.

The Catalyst: Activist Influence Without the Conflict

Feld’s appointment to Qorvo’s board resolves a months-long standoff between Starboard and management. Unlike the acrimonious proxy battles seen at companies like Pfizer, Qorvo’s leadership chose collaboration over confrontation. By expanding its board to 10 members and nominating Feld, Qorvo sidestepped the risks of a proxy contest while gaining a director with deep expertise in value creation.

The move is a win-win: Starboard gains a seat at the table to push for reforms, while Qorvo retains control of its strategic direction. As Feld stated in his remarks, Qorvo’s “tremendous potential” lies in its industry-leading position in RF solutions—a key technology for 5G, automotive, and defense systems.

Why Peter Feld Matters: A Track Record of Turnarounds

Feld isn’t just any activist. His firm, Starboard Value, has a history of unlocking value in undervalued tech firms. At companies like Green Dot (now part of Walmart) and Gen Digital, Feld pushed for operational efficiencies, capital returns, and strategic pivots that delivered outsized returns.

At Qorvo, Feld’s focus will be on addressing the company’s most glaring weakness: its lagging gross margins (~45% versus ~55% for peers like Analog Devices). The board’s expansion also brought in semiconductor veterans like Richard Clemmer (ex-CEO of NXP Semiconductors) and Christopher Koopmans (ex-COO of Marvell), whose expertise in cost-cutting and M&A will amplify Feld’s influence.

Together, this team is poised to drive three critical initiatives:

1. Margin Expansion: Cutting operational fat to match industry peers.
2. Capital Allocation Overhaul: Prioritizing high-growth markets like automotive and 5G infrastructure.
3. Governance Reforms: Strengthening oversight of R&D spending and M&A opportunities.

Market Opportunities: Qorvo’s Diversified End Markets Are Key

Qorvo’s undervaluation is puzzling given its dominant position in critical tech sectors. The company’s RF solutions are embedded in everything from 5G base stations to electric vehicle battery management systems. Here’s the upside:

• 5G Infrastructure: Qorvo supplies ~40% of global RF front-end components. As telecom giants like Verizon and AT&T roll out 5G networks, demand for its products will surge.
• Automotive: Electric vehicles (EVs) rely on Qorvo’s power management chips, a market projected to grow at 12% annually through 2030.
• Defense: The U.S. government’s push for domestic semiconductor production (via the CHIPS Act) has Qorvo positioned to supply radar and communications systems.

The Numbers: A 30% Upside by 2026

Qorvo’s shares have already risen 18% since Starboard’s campaign began, but the stock remains undervalued at 14x forward earnings. Analysts estimate that margin expansion to 50%+ and better capital allocation could push Qorvo’s valuation to 18x—unlocking a 30% upside within 12–18 months.

The catalyst timeline is clear:

• Q2 2025: Proxy materials for the annual meeting will detail Feld’s role and governance plans.
• 2025–2026: Initial margin improvements and M&A activity should start flowing into earnings.

Why Act Now? The Risk of Waiting

Investors often wait for catalysts to materialize, but in activist-driven situations, early movers capture the most gains. Qorvo’s stock could gap higher as its board’s reforms become tangible. Delays or missteps could mean missing the window to buy at current discounts.

Conclusion: Qorvo’s Moment for Value Creation

Qorvo’s board expansion with Peter Feld isn’t just a defensive move—it’s a bold play to capitalize on its industry leadership and untapped potential. With activist pressure channeled constructively, Qorvo’s shares are primed to outperform in 2025. For investors seeking activist-driven upside in a sector as vital as semiconductors, this is a buy-and-hold opportunity.

Action Item: Buy Qorvo (QRVO) now at $75/share. Target $100 by early 2026. Avoid waiting—this is a catalyst you can’t afford to miss.

This analysis assumes no material setbacks in Qorvo’s operational execution or semiconductor demand trends.