Key Stats for Qualcomm Stock
- Pre-market price change for Qualcomm stock today: 11%
- $QCOM Share Price as of Jun. 24: $197
- 52-Week High: $260
- $QCOM Stock Price Target: $187
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What Happened?
Qualcomm (QCOM) stock surged 11% in after-hours trading on Wednesday. The catalyst? A major investor presentation where the company unveiled a bold push into the data center market — and dramatically raised its long-term financial targets.
The headline number: Qualcomm now expects non-handset revenue to hit $40 billion by fiscal 2029. That’s up from its prior forecast of just $22 billion.
The company also set a target of over $18 in adjusted earnings per share for that year, well above the analyst consensus of $15.26.
The big new product is the Dragonfly C1000, a data center CPU built specifically for agentic AI. Meta has already signed on to use it, with production set to begin in 2028.
The chip is designed to deliver strong computing performance while keeping power consumption low — a priority for data centers dealing with rising electricity costs.
Qualcomm also said it has secured two custom chip deals with major hyperscalers. CFO Akash Palkhiwala noted these aren’t cold-start relationships.
The company already supplies chips to most large cloud providers through its smartphone and PC business.
Beyond the data center, Qualcomm expanded its automotive design-win pipeline to $65 billion and raised its automotive revenue target to $10 billion by fiscal 2029.
The company also acquired Modular, a startup whose software lets AI apps run across different chip types — similar to what Nvidia’s CUDA does for its own chips.
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What the Market Is Telling Us About Qualcomm Stock
This is a significant moment for Qualcomm.
The smartphone market has been sluggish, and investors have been waiting to see if the company could credibly diversify. Wednesday’s presentation made a strong case that it can.
The data center CPU market is heating up as AI agents shift more workload to central processors.
Qualcomm’s edge in power-efficient chips — built over years of smartphone work — could be a real differentiator here.
The after-hours jump reflects genuine investor excitement about what could be a major new revenue engine.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
