Morningstar Lifts Qualcomm Fair Value to $200 as Cloud Backing Bolsters $15 Billion AI Goal
Updated
Updated · Stocktwits · Jun 26
Morningstar Lifts Qualcomm Fair Value to $200 as Cloud Backing Bolsters $15 Billion AI Goal
2 articles · Updated · Stocktwits · Jun 26
Summary
$200 is Morningstar’s new fair value for Qualcomm, up from $155, after the chipmaker’s investor event highlighted stronger-than-expected traction in AI data-center chips.
Qualcomm now projects $5 billion in data-center revenue in fiscal 2027 and $15 billion in 2029, with Morningstar saying two hyperscale customers should each top $1 billion by 2027.
Microsoft and Google presented at the event and may be those early customers, while Morningstar said Qualcomm’s separate server CPU deal with Meta likely is not yet included because it ramps in late 2028.
The AI push is central to Qualcomm’s diversification as Apple’s in-house modem effort cuts into iPhone business; Qualcomm expects just 20% modem share in the iPhone 18 line in fiscal 2027.
Morningstar said Qualcomm is unlikely to displace Nvidia in AI, but even modest data-center share could help offset Apple revenue falling to about $2 billion from more than $6 billion two years earlier.