Wall Street Is Raising The Ceiling On Qualcomm -- Here's Why - Qualcomm (NASDAQ:QCOM)

Wall Street is raising the ceiling on Qualcomm, driven by evidence that the company’s AI and data-center momentum is expanding beyond smartphones. The article says Qualcomm has logged several milestones, including its biggest AI deal ever, record performance in its car business, and an Investor Day in New York on June 24 where management outlined a new outlook. In the most recent quarter, Qualcomm reported $10.6 billion in total revenue and $1.33 billion from selling chips to automakers, up 38% year over year, supported by car computing demand and partnerships including Stellantis behind Jeep, Ram and Chrysler. A major catalyst was ByteDance’s agreement to buy millions of Qualcomm custom AI chips for its data centers, sending the stock up 12% in a single day. At Investor Day, CEO Cristiano Amon projected that by 2029, revenue from businesses other than phones would reach $40 billion, including about $15 billion annually from data centers, with Meta’s Zuckerberg appearing to announce Meta’s agreement to use Qualcomm’s new chips. The company also bought Modular for about $3.9 billion.