Qualcomm working with CXMT for custom memory has been making the rounds. Here's what's missing from the coverage: 1. This refers to Qualcomm working with GigaDevice on a discrete smartphone NPU, targeting Chinese smartphone brands. 2. Shipments are expected in late 2026 or early 2027, aimed at devices priced above RMB 4,000–4,500. 3. The NPU delivers ~40 TOPS of compute and is paired with 4GB of customized 3D DRAM, manufactured by CXMT. 4. It delivers higher memory bandwidth than LPDDR5X, with TSV and Hybrid Bonding stacking. 5. Shipment outlook and design wins are now below initial 1H25 expectations, mainly due to: (1) rising memory prices driving up NPU costs; (2) on-device AI use cases and business models still lacking clarity to date.