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  "documentTitle": "Third Point Management | Activist Presentation Deck | 102 slides",
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  "notes": "Uses peer benchmarking to argue for increased R&D autonomy for Sony Semiconductors.",
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      "text": "R&D / Sales – Major international semiconductor Co's",
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      "text": "Sony spends a healthy amount of R&D in Semiconductors, but compared to other semiconductor peers, that amount could be much higher. We suspect part of the constraint is Sony Semiconductors must compete for share of a largely fixed corporate R&D budget.",
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      "text": "Broadcom – Barclays commentary: Top-line Outperformance To Continue, with R&D a Sustainable Advantage",
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      "text": "Qualcomm – Oppenheimer commentary: Analyst Day Recap: R&D Spending Ramping as Firm Doubles Down; Shares Still a Value into Year-End",
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      "kind": "title",
      "text": "...and broaden scope of R&D",
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