Qualcomm (QCOM) delivered big gains for investors in 2020, but they have been a lot harder to come by in 2021. In fact, the stock is down 11% year-to-date, far below the 15% returns the PHLX Semiconductor (SOX) index - the chip industry’s barometer index – has generated this year. However, taking a look at Qualcomm’s two main segments - QTL (Qualcomm Technology Licensing) and QCT (Qualcomm CDMA Technologies) – J.P. Morgan’s Samik Chatterjee’s SOTP (sum-of-the-parts) analysis shows the shares are