Qualcomm aims for $15B data center revenue by 2029, targets AI inference boom

What happened

Qualcomm revealed at its Investor Day 2026 that it expects at least $15 billion（約2.4兆円） in data center revenue by fiscal 2029, offering custom AI processors and inference-focused chips. The company has already secured Meta Platforms as a customer, which will deploy Qualcomm's Dragonfly C1000 server CPU starting this year under a multi-generation agreement.

Why it matters

As AI compute workloads in data centers shift toward inference—expected to account for two-thirds of AI-focused computational workloads this year, up from 50% in 2025—demand for cost-effective inference chips is surging. Qualcomm's entry into this fast-growing market could supercharge its earnings: the company estimates earnings per share could exceed $18.00 in fiscal 2029, suggesting annual earnings growth of 18.5% over three years, compared with a projected 10% earnings drop in fiscal 2026.

What to watch

Qualcomm currently trades at just 17 times forward earnings and 4.6 times sales, compared with Broadcom at 61 times earnings and 24 times sales, and Nvidia at 30 times earnings and 18.6 times sales. If Qualcomm reaches $18.00 earnings per share in fiscal 2029 and trades at 26.3 times earnings (in line with the Nasdaq-100 forward multiple), its stock price could reach $473, representing potential upside of 150% from current levels.