The pressures on Qualcomm continue to mount, and may call for drastic action in 2016. Some activist investors favor a break-up, hiving off the licensing business to unlock more shareholder value and reduce the impact of antitrust probes like the latest one in Korea (see separate item). But the semiconductor industry is in a phase of consolidation, so it may be more logical for Qualcomm to join that, either by making major acquisitions of its own to accelerate its move into new markets (as it did in WiFi with the Atheros buy); or by becoming a target for investment or takeover itself. Interest from China is reported, and some pundits even wonder about a merger with Intel. Whatever the outcome,…