2 March 2014 Wireless Equipment Signals to Noise (S2N) first meaningful win for its single mode LTE chipset; however, we would warn that until the company is able to design an efficient, multi-mode solution, we do not see them gaining meaningful share. The current, two-chip solution in the $5 SKU will likely be expensive and inefficient, as it uses two ARM licenses and implemented with two discrete elements. Intel is supporting this design win with co-marketing funding. As it stands, we believe that efforts to complete a multimode solution are not going as well as some had hoped, and that there are still be meaningful challenges to overcome as the company struggles to integrate disparate technology acquisitions. Some of the more encouraging words from our checks were reserved for Broadcom. Heading into the show, the company already had an LTE design win with their Renasas (Nokia) solution in the Samsung Ace 3. And while we did not see the model on the show floor, many indicated that the multi-mode solution was working well and that Broadcom would be announcing an upgraded version of their modem in the near-future (possibly LTE Cat-6). If the company is able follow through on this, we believe they could find small, but relatively meaningful volumes for BRCM, in the mid- to possibly higher-end, exiting the end of the year. Remember, this is the former very competent Nokia modem design team that has their own fully integrated multimode protocol stack (2G-LTE). Only QCOM, Ericsson (EMP) and BRCM (Nokia) possess their own fully integrated 2G-LTE protocol stack. The protocol stack is the operating system of the modem and having a seamless, fully integrated solution has advantages few outside the modem design world can appreciate. Other players have what one of our contacts referred to as "Frankenstien" protocol stacks (having licensed protocol stacks from four different stack suppliers). And as wireless technology advances, these Frankenstien pro