PJ & SM saw the licensing model begin to crumble a long time ago. They knew SoC & modem margins would progressively shrink in the face of Chinese competition, vertical integration at OEMs, and commoditization. And despite PJ's misguided and poorly executed attempts to enter new markets (MediaFLO, Mirasol, Vuforia, QuIC, Qualcomm Health and many more), they failed to diversify revenue.
Clinging to an antiquated, globally-reviled licensing model and dying chip business, PJ's and SM's "Hail Mary" to acquire NXP and increase Qualcomm's revenue base is now tumbling toward failure.
The wolves have seen this limping company hobbling along. They know prey when they see it. And now, Qualcomm must either fight for its existence or be devoured. We can expect lots of public statements proclaiming Qualcomm's many, MANY new revenue opportunities ahead and how things are going AWESOME with 5G. But the wolves know: Qualcomm is sick and slow, and they are poised to take it down.