Qualcomm Eyes $15 Billion in Data Center Revenue by 2029
Qualcomm announced on Investor Day 2026 that it anticipates its data center revenue could reach $15 billion by fiscal 2029. Currently, Qualcomm’s main revenue source comes from its Qualcomm CDMA Technologies segment, which generated $9.1 billion in Q2 of fiscal 2026. This marks a 4% decrease year-over-year, contributing to an overall 2% decline in revenue to $10.6 billion, mainly due to weak smartphone market conditions.
The demand for AI chips is set to grow, with Qualcomm already securing a notable partnership with Meta Platforms, who will begin using Qualcomm’s Dragonfly C1000 server CPU this year under a multi-generation agreement. Qualcomm’s new AI-focused chips aim to lower operating costs for data centers and the company plans to upgrade its offerings annually.
Looking ahead, Qualcomm projects its earnings per share could exceed $18.00 by fiscal 2029, an increase from a forecast drop to $10.80 in fiscal 2026. Assuming a valuation of 26.3 times earnings, Qualcomm’s stock price could potentially surge to $473—a 150% upside from current levels—if growth trajectories align.
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