QCOM
New chapter, same ticker
Qualcomm rolled into its 2026 Investor Day and basically said the old phone-chip stereotype can take a seat. The company raised its long-term outlook and said it now expects non-handset revenue to reach $40 billion by fiscal 2029.
That mix includes more than $15 billion from data center, more than $14 billion from IoT, and $10 billion from automotive. In other words: Qualcomm is trying to look less like a handset hang-on and more like a full-stack AI/compute platform.
The AI pitch gets louder
The company also laid out a bigger push into data center AI infrastructure, plus expansion into robotics and industrial AI. CEO Cristiano Amon framed it like Qualcomm is moving into the “next chapter,” with edge computing, cloud, and devices all getting wrapped into one bigger story.
A couple of the headline targets stood out:
- More than $18 in adjusted EPS by fiscal 2029
- A broader roadmap for AI data centers and physical AI platforms
- Continued bets on automotive, personal AI, and even 6G down the road
Why investors care
This is the classic market move from “show me” to “maybe this is real.” Qualcomm is trying to prove it can grow beyond smartphones at a time when the market loves anything with AI on the label. If the company can actually turn those targets into revenue, today’s after-hours pop could be the start of a longer rerating.
Big picture: Qualcomm is trying to become the company investors talk about for AI infrastructure, not just the one that powers your phone before you replace it again in two years.