Qualcomm just told Wall Street it wants to be a very different company by the end of the decade, and Wall Street apparently liked what it heard. The stock surged more than 13% after the chipmaker’s Investor Day on June 24, where it laid out a vision that repositions it from “the company in your phone” to a serious contender in AI data center infrastructure.
The headline number: Qualcomm raised its fiscal 2029 non-handset revenue target to $40 billion, doubling its previous goal. More than $15 billion of that is expected to come from its data center business alone.
Beyond the smartphone
By fiscal 2029, mobile handset revenue is projected to account for roughly one-third of QCT revenues. The remaining two-thirds will come from automotive, IoT, and the big new bet: AI data center accelerators.
Qualcomm is launching two key products to back up the ambition. The AI200 accelerator is set for release in 2026, followed by the AI250 in 2027. Both are designed specifically for generative AI workloads.
