Qualcomm announced a major strategic shift on June 24, raising its 2029 revenue target to $40 billion（約6.4兆円） and committing to more than $15 billion（約2.4兆円） in AI infrastructure revenue from data centers by that date.
The company, which has lagged behind Nvidia and Broadcom due to late entry into the AI chip market, believes it can capitalize on demand from hyperscalers through custom silicon partnerships and AI inference accelerators.
At its current valuation, the stock does not yet reflect these growth prospects, presenting a potential opportunity for investors willing to wait for results starting in 2027.
What happened
Qualcomm raised its 2029 revenue guidance to $40 billion（約6.4兆円） and said it aims for more than $15 billion（約2.4兆円） in AI infrastructure revenue from data centers by fiscal 2029. The company also announced two partnerships with hyperscalers (large cloud providers) for custom silicon, though it has not named which ones.
Why it matters
Qualcomm has underperformed rivals Nvidia and Broadcom for years due to its late entry into AI chips and dependence on a saturated smartphone market. The new guidance signals a turning point—management expects material improvements in 2027 and beyond as its AI initiatives scale, potentially ending a period of declining revenue.
What to watch
The stock trades at a 21.2 price-to-earnings ratio and has a price/earnings-to-growth ratio below 1, suggesting the valuation does not yet reflect the company's AI growth prospects. Management expects a 7.4% year-over-year revenue decline in fiscal 2026 Q3, so meaningful growth may take time to materialize.
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