Skyworks is a mature RF/analog semiconductor company facing a structural de-rating from Apple content loss (67% revenue concentration, content declining from ~$10 to ~$8 per iPhone) while simultaneously pursuing a transformative $22B merger with Qorvo that would create the dominant U.S.-based RF platform. The Qorvo deal, if closed (expected early CY2027, FTC Second Request pending), reduces Apple exposure to ~45-50% and roughly doubles Broad Markets revenue. At ~11x CY2027E EPS, the stock prices in the Apple headwind but gives little credit to the merger synergies ($500M+ target) or the 8-consecutive-quarter Broad Markets growth trajectory driven by Wi-Fi 7, automotive connectivity, and edge IoT.