Steve Mollenkopf

A heart monitor is only useful if it's being remotely monitored if there's security. That is a massive issue that you need to solve. The difference between having the Internet in your phone and having the Internet understand your pulse and the motion of all of your limbs. There's just a different level of security and robustness that's required.

Power, of course, is very important, but really, there's a bundle of technologies you have to have to make sure they're highly integrated, so you have to have modem, you have to have connectivity, you have to have GPS, you have to have graphics, you have to have CPU.

When people talk about wearables, when people talk about connected XYZ - home, car, whatever - those are all smartphone technologies.

People tend to not forgo purchasing a cellphone. In many places in the world, the first time they get on the Internet is through a cellphone. Pretty significant economic push, particularly in the emerging market.

In the chip business, our higher-tier products are actually becoming more expensive because more and more of the functionality of the phone comes into the chip itself. So we have been grabbing content on the phone at a time when the phone is becoming more and more like a PC in terms of things it can do.

If you look at a company like Qualcomm, we're a big exporter. We essentially have tremendous revenue offshore and large employment onshore. I think it's very difficult to make big changes in that.

If you look at where the growth is happening - tablet growth compared to the traditional PC growth - you just can't compare them.

Look at smartphones. We are seeing growth almost like a barbell. You see lower-priced but high-volume growth in the developing world. But it ends up the average selling prices in the developing world are actually a lot higher than what people think.