Qualcomm Bets Big on Data Centers, Stock Surges 13%
Qualcomm projects $15B in data center chip revenue by 2029 and nearly doubles its non-handset forecast to $40B.
Qualcomm just dropped a bombshell at its investor day. The chipmaker now expects its data center business to pull in $15 billion in revenue by 2029 — a massive bet on life beyond smartphones.
Even bigger: the company jacked up its total non-handset chip revenue forecast to $40 billion by 2029, nearly doubling the previous $22 billion target. That's a statement of intent from a company long defined by mobile.
Wall Street loved it. QCOM shares jumped more than 13% in after-hours trading on the news.
The revised targets signal Qualcomm's aggressive push to diversify into data centers, automotive, and IoT — markets where it's historically played second fiddle. Whether the company can actually execute on these numbers is another story entirely, but investors are clearly buying the vision for now.
