It’s a big day for semiconductor earnings: here are three reporting after the bell, and what investors should be watching for. Any reaction to DeepSeek will be scrutinized closely, as well as any language around U.S. tariffs and potential trade wars.

Zacks expects ARM Holdings (ARM) to report 3Q25 EPS of $0.34 (+17% year-over-year) and revenue of $950.75 million (+15% year-over-year). The stock has had an incredible run over the last year, gaining over 128%, and up over 31% year-to-date. As of writing, the stock has an implied move of around $15. A good part of ARM’s revenue is from royalties, made by licensing its chip designs to other semiconductor makers. Its customers include Microsoft (MSFT) and Nvidia (NVDA), so as long as the big players remain undaunted by DeepSeek’s A.I., ARM is likely in a good position.

Qualcomm (QCOM) reports 1Q25 postmarket, where Zacks expects it to post EPS of $2.93 (+7%) and revenue of $10.92 billion (+10%). The stock is up 22% year-over-year, and has an implied move around $11. Qualcomm said in its annual 10K report published in November that they derive a “significant portion of our revenues from a small number of customers and licenses,” and their biggest revenue source by country is China. Their chips are used in smartphones and other devices, including cars. As the U.S. and China trade tariff blows, and domestic Chinese companies work to build alternatives, Qualcomm could be a loser in the battle.

Skyworks (SWKS) is also reporting 1Q25. Zacks estimates EPS of $1.57 (-20%) and revenue of $1.07 billion (-11%), so the market is already anticipating a bad quarter. Skyworks has fallen over 14% year-over-year and has an implied move of around $5. Skyworks’s chips are often used in an audio capacity and has filed a host of applications with the U.S. patent office over the last few months. Apple (AAPL) is one of its biggest customers, and it has less exposure to China with its own chips, though China remains a major market for Apple.

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