Restrictive US policies limiting advanced chip exports to China have done little to dampen Qualcomm's enthusiasm for the world's second-largest economy. From a report: In an interview at CES 2024 in Las Vegas, CEO Cristiano Amon expressed confidence about Qualcomm's business in the country, its largest market by revenue. "If you have a leading technology, you're going to have a big business in China," he said. The San Diego-based firm finds itself in a difficult situation, as the White House and Congress ramp up a pressure campaign to curb the sale of US chips and chipmaking tools to China, citing national security concerns. The Biden administration has argued that China's access to advanced semiconductors could aid military advancements.

Meanwhile, in China, government agencies and state-owned firms have widened their ban on Apple's iPhones for employees. Qualcomm is one of Apple's biggest suppliers. China remains the largest semiconductor market in the world, with sales in the country accounting for one-third of the global market, according to the Semiconductor Industry Association.