Qualcomm shares surged 15% in after-hours trading on Wednesday after the chipmaker announced that non-handset revenue in fiscal 2029 will reach $40 billion, up from an earlier forecast of $22 billion.
The announcement, made during a Qualcomm investor presentation, is another sign that the company is aggressively targeting the data center market.
At its shareholder meeting, Qualcomm announced its partnership with Meta for the data center CPU, the Dragonfly C1000, with Meta confirming its plans to begin using the Dragonfly C1000 when production starts in 2028.
Qualcomm stated that the new CPU is designed for agentic AI and aims to deliver high computing power with minimal energy consumption.
The company also announced during its shareholder meeting that it aims for $15 billion in data center sales that year and hopes for total adjusted earnings of over $18 per share.
In a press release, Cristiano Amon, President and CEO, Qualcomm Incorporated, told investors, “We are defining Qualcomm’s next chapter as we accelerate our edge diversification strategy, introduce a comprehensive roadmap for next-generation AI data centers, and evolve into a platform company. Our presence across the entire compute continuum and unparalleled technology capabilities, in low-power computing, AI and connectivity put us in a strong position to capture these opportunities.”
Separately, Qualcomm announced that it has acquired Modular for an undisclosed sum.
By CEO NA Editorial Staff
