Qualcomm Surges 15% After Unveiling Data Center CPU, Doubling Revenue Forecast to $40 Billion
Summary
Qualcomm surges 15% after unveiling its Dragonfly C1000 data center CPU for agentic AI, nearly doubling its non-handset revenue forecast to $40 billion by fiscal 2029, with Meta signed as a launch customer and $15 billion targeted from data center sales alone.
Key Points
- Qualcomm unveils its Dragonfly C1000 data center CPU, designed for agentic AI with a focus on high computing performance and energy efficiency, with Meta signed on as a major customer ahead of a 2028 production launch.
- Qualcomm nearly doubles its non-handset revenue projection for fiscal 2029 to $40 billion, up from a prior forecast of $22 billion, including $15 billion targeted specifically from data center sales, sending shares surging 15% in extended trading.
- Qualcomm also expands its automotive design-win pipeline to $65 billion, acquires AI software startup Modular, and secures two custom silicon chip deals with hyperscalers as it aggressively diversifies beyond its core smartphone business.