We offered our theory why Broadcom is putting the RF unit for sale in detail last December. However, a strange turn of events recently is leaving us with more questions than answers. 

• The fact that Broadcom labeled it's crown jewel RF business as non-core and wants to get rid of it was a bit strange by itself. The company's recent filing on two new Apple supply agreements worth $15B just made the situation even more strange. 

• First these new agreements are Statement of Work. We are no lawyers but, from reading the filing, they provide no guarantee of $15B revenue from Apple, simply stating that the company is working on it and expecting $15B based on estimates and past experience. Moreover, the filing provided little detail, leaving us no clue on what products these agreements might cover.

• Secondly, the agreements almost ruled out Apple as the potential buyer for Broadcom's RF business. You wouldn’t bother spending time on a long-term supply agreement if you are thinking about taking over the business. But more importantly, entering these agreements will no doubt provide some valuation support for the RF business, something you don’t want to do if you are buying the business.

• The potential sale of Broadcom's RF business could change the industry dynamic meaningfully for the RF market. We don’t have a good answer for now but we will continue to monitor any new development.