including an internal 2015 document that acknowledged that licensing its technology on fair, reasonable, and non-discriminatory (FRAND) terms to rivals like Intel could crush its business model.
"Qualcomm's internal documents recognize the impact that offering competitors FRAND licenses would have on Qualcomm's ability to secure elevated royalties from OEMs. In 2005, Qualcomm's Marvin Blecker explained that making a license available to a chip competitor would impair Qualcomm's ability to collect high royalties from OEM customers: 'we absolutely cannot give a chip supplier a full license to our IP with pass through rights to his customers as that would have the potential of severely impacting our subscriber licensing program.' [...] Qualcomm's views were unchanged in 2015, when it concluded that granting a FRAND license to Intel 'would destroy the whole current QTL [licensing] business."
https://www.fool.com/investing/2019/01/23/could-qualcomm-stock-really-get-cut-in-half.aspx