Qorvo (QRVO)

RF front-end modules — mobile/connectivity, defense diversification

AI exposure 2% — derived from reported segment revenue, not asserted.

Where it sits

Silicon Layer → Analog, Logic & Mixed-Signal ICs · figures rebased to FQ1 FY2027, reported 2026-07-28

Qorvo makes RF front-end modules — filters, power amplifiers and switches — plus connectivity and sensor chips. None of it is compute silicon, so the sub-tier defined as GPUs, AI accelerators and CPUs was never right. Cellular RF front-end is 60% of revenue, connectivity and sensors 15% and infrastructure RF 12%, giving 87% in supporting silicon. It competes with Qualcomm and Broadcom on their RF front-end businesses rather than on their processors.

Also tagged: emerging in Frontier & Emerging Bets → Defense & Government AI.

Reported segments

Advanced Cellular Group (ACG) — 60.7% of revenue
High Performance Analog (HPA) — 26.3% of revenue
Connectivity & Sensors Group (CSG) — 13% of revenue

Qorvo ($784.8M Q1 FY2027; non-GAAP gross margin 52.8%, up 880bps YoY, and adjusted EPS +78% on a richer mix). ACG 60.7% ($476.6M, -16.6% as Qorvo deliberately exits low-margin Android) = primary B1 Analog, Logic & Mixed-Signal ICs; HPA 26.3% ($206.3M, +50.1% — the standout, covering defence RF and base-station/infrastructure RF); CSG 13.0% ($101.9M, -7.5%). Revenue fell while margin expanded 880bps, which is the mix shift working: HPA is growing 50% while the handset base shrinks.

How the 2% is built

Advanced Cellular Group (ACG) — 60.7% of revenue × 0% AI-driven (disclosed). Smartphone RF front-end — no AI-infrastructure content
High Performance Analog (HPA) — 26.3% of revenue × 5% AI-driven (disclosed). Base-station and infrastructure RF touches network build-out; the defence half does not
Connectivity & Sensors Group (CSG) — 13% of revenue × 5% AI-driven (disclosed). WiFi, UWB and sensors for edge devices with marginal edge-inference content

Investment read

Moat. Acoustic-filter (BAW/SAW) process IP and owned filter capacity inside a three-player RF front-end structure, with multi-year socket qualification; plus a purpose-built GaN MMIC defense/aerospace franchise on funded DoD programs. Sticky at the design-in, contestable at the customer.

Bottleneck / pricing power. Real but customer-capped pricing power — record 52.8% non-GAAP gross margin (FY2027 guided above 50%) held straight through a deliberate Android exit, with ACG operating income rising on falling revenue. The cap is Apple, ~61% of ACG revenue, which sets terms and is bringing RF silicon in-house.

Role in the AI stack. The RF front-end layer — mobile/connectivity plus GaN defense, AI-peripheral, pending consolidation into Skyworks.

Connected companies

Taiwan Semiconductor (TSM) — QRVO is supplied by: foundry for select RF/CMOS content (plus in-house GaAs/GaN)
Apple (AAPL) — QRVO supplies: RF front-end modules — Apple ~50% of QRVO sales
Samsung Electronics (SSNLF) — QRVO supplies: RF components for Samsung Galaxy devices
Tesla (TSLA) — QRVO supplies: RF/connectivity + power for automotive (Broad Markets)
Qualcomm (QCOM) — QRVO competes with: RF front-end rivalry — Qualcomm RFFE vs Qorvo (both Apple/Android suppliers)
Broadcom (AVGO) — QRVO competes with: RF filters/FBAR — Broadcom vs Qorvo in premium RF front-end
Kratos Defense (KTOS) — QRVO supplies: RF components for Kratos microwave electronics (missile/radar/defense)
AXT, Inc. (AXTI) — QRVO is supplied by: Gallium-arsenide substrates for RF power amplifiers (Qorvo is a major GaAs RF device maker; AXT is a merchant substrate supplier, specific sourcing undisclosed)

Others in Analog, Logic & Mixed-Signal ICs

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