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new Resonant licenses and the mobile market +2

Resonant announced this morning that it has signed four new license agreements with its largest tier 1 customer to develop wafer-level filters for modules including carrier aggregation functionality.  As usual, no financial details were disclosed, and one has to worry that a flurry of positive press is a prelude to dilution, though hopefully not on the scale we're seeing from MicroVision.

Regardless, we can take this as the latest sign that 5G services are progressing on schedule.  2019 is shaping up to be a rebound year in the mobile market due to multiple new depth-sensing technologies that will compete with those which MicroVision is developing.  All of that implies difficulty for Fitbit too, and serves to reinforce what I've already said, particularly in this note, about finding value with the technology providers like Macom, especially in this early stage of the cycle, rather than with the device vendors.