Qualcomm Promises $15B in AI Chip Sales by 2029, But Chips Don't Exist Yet
At its Investor Day on June 24, 2026, Qualcomm pledged over $15 billion in annual data center AI chip sales by fiscal 2029, up from $5 billion in 2027, along with a $40 billion non-handset revenue target and adjusted EPS above $18. However, the promised chips have not yet been produced. Shares rose 13.3%.
NVDANVIDIA Corporation
METAMeta Platforms, Inc.
AMDAdvanced Micro Devices, Inc.
QCOMQUALCOMM Incorporated
MUMicron Technology, Inc.Key Numbers
At its Investor Day held on June 24, 2026, Qualcomm (NASDAQ:QCOM) CEO Cristiano Amon unveiled an ambitious target: over $15 billion in annual data center AI chip sales by fiscal 2029, up from an expected $5 billion in 2027. The company also set a non-handset revenue goal of $40 billion and adjusted EPS above $18 by 2029.
Details
The forecasts come as Qualcomm faces challenges in the AI chip market, with its products still in development. The company did not announce a specific launch date for the new chips, raising questions about the credibility of the targets. Nevertheless, investors reacted positively, sending the stock up 13.3%.
Context
Qualcomm aims to diversify its revenue away from the slowing smartphone market. It is entering direct competition with giants like NVIDIA and AMD in the data center chip space. The $40 billion non-handset revenue target represents a major strategic shift.
What It Means for Investors
Despite the optimism, caution is warranted. The targets are ambitious but lack tangible products so far. Success hinges on Qualcomm's ability to develop competitive chips quickly. Investors should monitor actual product developments before making decisions.
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