Qualcomm's initial strategy was to make complete systems, analogous to Tesla's decision to design, manufacture and sell cars. Qualcomm started out making complete mobile network systems (based on cdma technology), and then slowly, step-by-step exited those other businesses to become the semiconductor supplier that it is today. Qualcomm once sold handsets and cellular network gear. Now it just designs and sells chips. I suspect that Tesla's path may be similar: it makes both cars and components today, because the toughest function is to engineer the entire system. Once the system design settles down in a few years Tesla may decide to sell batteries, or more likely batteries + power system controllers + engines, to lots of other carmakers. And in turn decide that the component business is better than the 'car' business. Gundlach may ultimately be right, but he is most certainly way, way too early for that strategy change.