Qualcomm Jumps 11%, Then Pulls Back Amid Meta Platforms Data Center Deal and Wave of Analyst Target Hikes

Qualcomm’s stock surged up to 11% to $219 in early Thursday trading before pulling back to $207, finishing up about 5% for the session, as the company announced a major Meta Platforms data center CPU deal and analysts raised targets. The agreement, announced following Qualcomm’s Investor Day 2026 in New York, makes Meta Platforms Qualcomm’s first data center customer. Qualcomm will supply “Dragonfly C1000” data center CPUs, with production starting in H2 2028; financial terms were not disclosed. Qualcomm also raised its fiscal 2029 non-handset revenue target to $40 billion and aimed for data center revenue above $15 billion, alongside an approximately $4 billion all-stock acquisition of AI software startup Modular. While at least seven firms lifted price targets, most kept ratings cautious, with Barclays calling it a “show-me story,” though Rosenblatt raised to Buy at $265.