Updated
Updated · CNBC · Jun 24
Qualcomm Doubles 2029 Non-Handset Revenue Target to $40 Billion as Meta Adopts New CPU
Updated
Updated · CNBC · Jun 24

Qualcomm Doubles 2029 Non-Handset Revenue Target to $40 Billion as Meta Adopts New CPU

3 articles · Updated · CNBC · Jun 24

Summary

  • Qualcomm shares rose 15% after hours after the chipmaker lifted its fiscal 2029 non-handset revenue target to $40 billion from $22 billion and set an adjusted EPS goal above $18.
  • Dragonfly C1000, a new data-center CPU built for agentic AI, will be used by Meta when production starts in 2028, giving Qualcomm an early marquee customer in its server push.
  • Qualcomm said it is targeting $15 billion in 2029 data-center sales, has secured two custom-silicon deals with hyperscalers, and plans a broader lineup including an AI chip and chip-linking product.
  • Smartphones still generated about two-thirds of product revenue in the March quarter, but Qualcomm is leaning on its power-efficient chip expertise to expand into faster-growing markets such as data centers and autos.
  • The company also raised its automotive design-win pipeline to $65 billion, increased its 2029 auto revenue target to $10 billion, and bought AI software startup Modular to broaden its data-center stack.

Insights

Qualcomm's stock is soaring on AI promises, but can it deliver on its massive pivot away from smartphones?
Can Qualcomm's low-power chips dethrone Nvidia in the high-stakes AI data center race?
As tech giants vie for AI chips, will Qualcomm's entry intensify the global supply chain battle?