Qualcomm stock pops 15% after chipmaker almost doubles projection for 2029 non-handset revenue
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- Qualcomm shares surged 15% in extended trading after the chipmaker raised its fiscal 2029 non-handset revenue forecast from $22B to $40B, alongside a $15B data center sales target and adjusted EPS guidance above $18 (analyst consensus: $15.26 per LSEG).
- Qualcomm unveiled its Dragonfly C1000 data center CPU built for agentic AI workloads, with Meta committed to deploying it when production starts in 2028.
- Qualcomm expanded its automotive design-win pipeline to $65B with a $10B fiscal 2029 automotive revenue target, and secured two custom silicon chip deals with hyperscalers.
- Qualcomm acquired Modular, a startup whose software enables AI applications to run across different chip architectures — a move executives positioned as an alternative to Nvidia's CUDA platform.
- CFO Akash Palkhiwala said Qualcomm already works with 'nearly every hyperscaler' through its smartphone chip business, calling the data center push 'not a new relationship' but an extension of existing engagements.
- CEO Cristiano Amon dismissed late-entry concerns, telling investors the company has a 'comprehensive portfolio to enter the next phase of the data center' built on scale, execution, and engineering capabilities.
Why it matters: Qualcomm is making its most aggressive push beyond smartphones (still two-thirds of revenue) into data centers, setting a $15B 2029 sales target and securing two custom-silicon hyperscaler deals. The Modular acquisition is a direct shot at Nvidia's CUDA moat — but execution against entrenched CPU incumbents and Nvidia's software lock-in remains untested.
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