Licensing or products? This has been a dilemma for donkeys years in the semiconductor industry and Qualcomm is the most visible proponent of riding both horses today.

40 years ago it was RCA, King of the TV industry, which licensed TV technology to Japan and semiconductor process technology to Taiwan.

Licensing to Japan in the 70s was a $200-300 million business for RCA.

Then, as now, the licensing people held dark suspicions or the product people and vice versa.

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