Qualcomm’s stock has outperformed the chip sector this year. Earnings will be a key test.

When Qualcomm Inc. reports earnings on Wednesday afternoon, investors will be paying close attention to the impact of Trump administration tariffs as well as the looming loss of Apple Inc.’s business.

Perhaps less important than the numbers themselves will be the company’s commentary on what’s ahead. For instance, Cantor analysts said in a note last week that they expect Qualcomm

QCOM to deliver an earnings beat and guidance in-line with expectations. But they noted the “increasing likelihood” that Apple AAPL phases out Qualcomm’s modem in the second half of this year, and they’ll be listening for discussion on that point.