Case 5:19-cv-00036-RWS Document 66-47 Filed 08/27/19 Page 1 of 12 PageID #: 3553
`Case 5:19-cv-00036—RWS Document 66-47 Filed 08/27/19 Page 1 of 12 PageID #: 3553
`PUBLIC VERSION
`
`EXHIBIT 46
`
`EXHIBIT 46
`
`PUBLIC VERSION
`
`

`

`Case 5:19-cv-00036-RWS Document 66-47 Filed 08/27/19 Page 2 of 12 PageID #: 3554
`8/22/2019
`Broadcom will generate $10 in revenue from every new iPhone, JP Morgan estimates
`
`Skip Navigation
`
`WATCH NOW
`
`Sign In
`Pro
`Watchlist
`Make It
`
`USA
`INTL
`
`SEARCH QUOTES
`Top Stories
`
`by Sen. Rick Scott, R-Fla.
`
`https://www.cnbc.com/2018/06/05/broadcom-will-generate-10-in-revenue-from-every-new-iphone-jp-morgan-estimates.html
`
`1/11
`
`Markets
`Watchlist
`Business
`Investing
`Tech
`Politics
`CNBC TV
`Menu
`Broadcom will generate $10 in revenue from every new iPhone, JP Morgan estimates
`
`PUBLIC VERSION
`
`

`

`Case 5:19-cv-00036-RWS Document 66-47 Filed 08/27/19 Page 3 of 12 PageID #: 3555
`8/22/2019
`Broadcom will generate $10 in revenue from every new iPhone, JP Morgan estimates
`nding into cybersecurity with the acquisition of
`
`ng Kong protests.
`
`WATCH NOW
`
`ublic, according to the Wall Street Journal.
`
`ose values,” Salesforce co-CEO Keith Block says.
`
`nagement expert Jeffrey Sonnenfeld told CNBC on
`
`On top of this, ransomware has often been used to
`
`re, the company’s largest deal ever.
`
`licy from the most divided Fed in years.
`
`Previous Next
`
`open
`
`https://www.cnbc.com/2018/06/05/broadcom-will-generate-10-in-revenue-from-every-new-iphone-jp-morgan-estimates.html
`
`2/11
`
`PUBLIC VERSION
`
`

`

`Case 5:19-cv-00036-RWS Document 66-47 Filed 08/27/19 Page 4 of 12 PageID #: 3556
`8/22/2019
`Broadcom will generate $10 in revenue from every new iPhone, JP Morgan estimates
`
`WATCH NOW
`
`Investing
`
`Broadcom will generate $10 in revenue from every new iPhone, JP
`Morgan estimates
`
`Published Tue, Jun 5 2018 11:02 AM EDTUpdated Tue, Jun 5 2018 4:15 PM EDT
`Thomas Franck@tomwfranck
`Key Points
`
`Broadcom will be sole provider of chips designed to enable wireless charging, Wi-Fi, Bluetooth and GPS capabilities in new iPhones,
`according to analyst Harlan Sur.
`The partnership should contribute to top-line growth, Sur added, ultimately driving profitability and free cash flow at the San Jose, California-
`based chipmaker.
`J.P. Morgan expects Broadcom to report adjusted earnings per share of $4.77 on Thursday, when the company reports second-quarter earnings.
`
`https://www.cnbc.com/2018/06/05/broadcom-will-generate-10-in-revenue-from-every-new-iphone-jp-morgan-estimates.html
`
`3/11
`
`Standard speeds approximately 128kbps. Calls are $.25/min.
`
`BUSINESS IS CHANGING.
`ARE YOU WITH US?
`Learn more
`PUBLIC VERSION
`
`

`

`Case 5:19-cv-00036-RWS Document 66-47 Filed 08/27/19 Page 5 of 12 PageID #: 3557
`8/22/2019
`Broadcom will generate $10 in revenue from every new iPhone, JP Morgan estimates
`
`WATCH NOW
`
`A Broadcom chip in an Apple iPhone.
`Brent Lewin | Bloomberg | Getty Images
`
`Broadcom will handle all of Apple’s need for a class of chip in its new iPhones, according to J.P. Morgan, spelling revenue of $10 per phone for the
`chipmaker.
`
`The semiconductor company will maintain total share of non-radio frequency chips used in the upcoming generation of Apple’s phones, thereby
`becoming the sole provider of wireless charging, Wi-Fi, Bluetooth and GPS capabilities for the new models, according to analyst Harlan Sur.
`
`“We believe Broadcom will maintain 100 percent share (non-radio frequency chipsets) on 2018 iPhone models with its dominant position as the
`premier connectivity (WiFi/Bluetooth/GPS) chipset supplier and its close partnership with Apple on analog interface and wireless charging,” Sur said
`in a note to clients Tuesday.
`
`“We see 8 percent to 10 percent increase in non-radio frequency dollar content in the 2018 iPhone models – upgraded wireless charging chip,
`increased GPS/wireless charging attach rates are the big drivers,” he added.
`
`The lucrative partnership should contribute to top-line growth, Sur added, ultimately driving profitability and free cash flow at the San Jose,
`California-based chipmaker. Broadcom declined comment for this story.
`
`J.P. Morgan expects Broadcom to report adjusted earnings per share of $4.77 on Thursday, when the company reports second-quarter earnings.
`Though in-line with consensus estimates for the second quarter, J.P. Morgan’s third-quarter EPS projection of $4.63 is better than Wall Street expects,
`according to FactSet estimates.
`
`“The market often forgets about Broadcom’s dominance in wireless connectivity (WiFi/Bluetooth, GPS), its close relationship with Apple as an ASIC
`supplier (mixed signal analog and wireless power) and this silicon content will continue to be a part of all of the 2018 iPhone models,” the analyst
`added. “Next year, we anticipate further content gains on the 2019 models as Apple will move to Broadcom’s next generation” of Bluetooth and Wi-
`Fi combo chips.
`
`In addition to the optimistic earnings projection, the analyst reiterated his overweight rating on Broadcom; his $337 price target implies more than 30
`percent upside by the end of 2018 from Monday’s close.
`
`Though the stock rose 0.3 percent Tuesday, Broadcom is underperforming the broader market so far this year, up 0.9 percent versus the S&P 500′s 2.9
`percent climb.
`
`Related Tags
`
`Semiconductor device manufacturing
`Apple Inc
`Mobile phone manufacturing
`Mobile phones
`Broadcom Inc
`
`https://www.cnbc.com/2018/06/05/broadcom-will-generate-10-in-revenue-from-every-new-iphone-jp-morgan-estimates.html
`
`4/11
`
`PUBLIC VERSION
`
`

`

`Case 5:19-cv-00036-RWS Document 66-47 Filed 08/27/19 Page 6 of 12 PageID #: 3558
`8/22/2019
`Broadcom will generate $10 in revenue from every new iPhone, JP Morgan estimates
`
`WATCH NOW
`
`Trending Now
`
`1.
`
`2.
`
`3.
`
`4.
`
`5.
`
`Stan Lee’s daughter: ‘No one could have treated my father worse than Marvel and Disney’s executives’
`
`Here’s the salary you need to earn to save 10% of your income and retire with $1 million
`
`The inverted yield curve is doing something weird to mortgage rates
`
`The economist who first linked the yield curve to recessions sees ‘pretty high’ chance of downturn
`
`Overstock CEO Patrick Byrne resigns following ‘deep state’ comments, stock rises
`
`FROM THE WEB
`
`TV’s shrewdest Shark Shows one of the best ways to utilize $50
`Angels & Entrepreneurs
`
`Sponsored Links
`
`by Taboola
`
`https://www.cnbc.com/2018/06/05/broadcom-will-generate-10-in-revenue-from-every-new-iphone-jp-morgan-estimates.html
`
`5/11
`
`PUBLIC VERSION
`
`

`

`Case 5:19-cv-00036-RWS Document 66-47 Filed 08/27/19 Page 7 of 12 PageID #: 3559
`8/22/2019
`Broadcom will generate $10 in revenue from every new iPhone, JP Morgan estimates
`If You Can Qualify for Any Credit Card, These Are the Top 6
`NerdWallet
`
`WATCH NOW
`
`FROM THE WEB
`
`by Taboola
`
`
`
`The Five Guys Ordering Secret You Need To Know
`
`Wikibuy
`
`:
`
`Sponsored
`
`People Who Retire Comfortably Avoid These
`Financial Advisor Mistakes
`
`SmartAsset
`
`:
`
`Sponsored
`
`The Highest Paying Cashback Card Has Hit The
`Market
`
`Wise Bread
`
`:
`
`Sponsored
`
`MORE FROM CNBC
`
`A voter who could be key
`to Elizabeth Warren's
`2020 hopes? Justice
`Brett Kavanaugh
`
`Spider-Man to leave
`Marvel Universe after
`Disney and Sony split
`
`Casino billionaire Tilman
`Fertitta: The consumer
`can't keep saving the US
`economy for much longer
`
`Ted Cruz defends
`Hasbro's 'Monopoly
`Socialism' after parody
`board game draws
`criticism online
`
`At age 22, she gave up
`studying law to sell
`$63,000 swimsuits and
`$2,300 bras
`
`'Mr. Wonderful' Kevin
`O'Leary: 'There is no
`recession coming in
`America'
`
`MORE IN INVESTING
`
`Talend’s cloud business is ‘growing well
`over 100%,’ CEO Mike Tuchen says
`
`AN HOUR AGO
`
`https://www.cnbc.com/2018/06/05/broadcom-will-generate-10-in-revenue-from-every-new-iphone-jp-morgan-estimates.html
`
`6/11
`
`PUBLIC VERSION
`
`

`

`Case 5:19-cv-00036-RWS Document 66-47 Filed 08/27/19 Page 8 of 12 PageID #: 3560
`8/22/2019
`Broadcom will generate $10 in revenue from every new iPhone, JP Morgan estimates
`
`WATCH NOW
`
`Cramer Remix: I’d be a
`buyer of VMware on
`weakness
`
`AN HOUR AGO
`
`There is enough economic data for the Fed to warrant a rate cut, Jim Cramer says
`
`Digital wave and values-based business are driving Salesforce’s growth, CEO says
`
`As the yield curve inverts again, these stocks could offer protection
`
`FROM THE WEB
`3 Ways Investors Are Building Wealth by
`Ditching Stocks
`
`YieldStreet
`
`Sponsored
`
`by Taboola
`
`
`
`Are You Ready for
`Retirement? Free
`Retirement Calculator
`
`Fisher Investments
`
`Sponsored
`
`https://www.cnbc.com/2018/06/05/broadcom-will-generate-10-in-revenue-from-every-new-iphone-jp-morgan-estimates.html
`
`7/11
`
`PUBLIC VERSION
`
`

`

`Case 5:19-cv-00036-RWS Document 66-47 Filed 08/27/19 Page 9 of 12 PageID #: 3561
`8/22/2019
`Broadcom will generate $10 in revenue from every new iPhone, JP Morgan estimates
`Man Who Called NVIDIA’s Rise Makes Bold 5G Prediction
`
`The Legacy Report
`Sponsored
`How to Become Fully Anonymous Online in Less Than 3 Minutes?
`WATCH NOW
`
`FigLeaf Beta App
`Sponsored
`Forget Robots, 5G And Electric Cars - This Is The Next Big Thing
`
`TradeMaker
`
`Sponsored
`
`MORE FROM CNBC
`
`Anthony Scaramucci talks to Bill Kristol
`about trying to force Trump off the GOP
`ticket in 2020
`
`Brian Schwartz
`
`The often-hated open
`floor plan gets a new
`savior: The office pod
`
`Elizabeth Myong
`
`Neighbor is out to disrupt self-storage: It’s like Airbnb for your stuff
`
`Diana Olick
`Home Depot says suppliers are moving manufacturing out of China to avoid tariffs
`
`Jasmine Wu
`Why Apple doesn’t want users to replace their own batteries
`
`Kif Leswing
`
`FROM THE WEB
`
`by Taboola
`
`
`
`https://www.cnbc.com/2018/06/05/broadcom-will-generate-10-in-revenue-from-every-new-iphone-jp-morgan-estimates.html
`
`8/11
`
`PUBLIC VERSION
`
`

`

`Case 5:19-cv-00036-RWS Document 66-47 Filed 08/27/19 Page 10 of 12 PageID #: 3562
`8/22/2019
`Broadcom will generate $10 in revenue from every new iPhone, JP Morgan estimates
`Our $5 Wines Are Better Than Most $50
`Wines
`
`WATCH NOW
`
`Firstleaf
`
`Sponsored
`
`Top Cardiologist: This
`One Thing Will Properly
`Flush Out Your Bowels
`
`Gundry MD Supplements
`
`Sponsored
`
`8 Reasons Why You Should Try Bombas Socks
`
`Bombas
`Sponsored
`These Cowboy Boots are Taking Over Indiana (Here’s Why)
`
`Tecovas
`Sponsored
`Say Bye To Your Expensive House Payment If You Have No Missed Payments
`
`Fetcharate
`
`Sponsored
`
`Subscribe to CNBC PRO
`Licensing & Reprints
`Join the CNBC Panel
`Supply Chain Values
`Advertise With Us
`Closed Captioning
`Digital Products
`Terms of Service
`Privacy Policy
`News Releases
`Internships
`Corrections
`About CNBC
`AdChoices
`Site Map
`https://www.cnbc.com/2018/06/05/broadcom-will-generate-10-in-revenue-from-every-new-iphone-jp-morgan-estimates.html
`
`9/11
`
`PUBLIC VERSION
`
`

`

`Case 5:19-cv-00036-RWS Document 66-47 Filed 08/27/19 Page 11 of 12 PageID #: 3563
`8/22/2019
`Broadcom will generate $10 in revenue from every new iPhone, JP Morgan estimates
`Podcasts
`Contact
`Careers
`Help
`
`WATCH NOW
`
`News Tips
`
`Got a confidential news tip? We want to hear from you.
`
`Get In Touch
`
`CNBC Newsletters
`
`Sign up for free newsletters and get more CNBC delivered to your inbox
`
`Sign Up Now
`
`Get this delivered to your inbox, and more info about our products and services. Privacy Policy.
`
`© 2019 CNBC LLC. All Rights Reserved. A Division of NBCUniversal
`
`Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.
`
`Data also provided by
`
`https://www.cnbc.com/2018/06/05/broadcom-will-generate-10-in-revenue-from-every-new-iphone-jp-morgan-estimates.html
`
`10/11
`
`PUBLIC VERSION
`
`

`

`Case 5:19-cv-00036-RWS Document 66-47 Filed 08/27/19 Page 12 of 12 PageID #: 3564
`8/22/2019
`Broadcom will generate $10 in revenue from every new iPhone, JP Morgan estimates
`
`WATCH NOW
`
`https://www.cnbc.com/2018/06/05/broadcom-will-generate-10-in-revenue-from-every-new-iphone-jp-morgan-estimates.html
`
`11/11
`
`PUBLIC VERSION
`
`