Qualcomm Raises 2029 Targets, Enters Data Center Market

Qualcomm announced upward revisions to its financial targets for fiscal year 2029 during its investor day. The company expects stronger-than-anticipated growth, particularly in the automotive and Internet of Things (IoT) segments. The new targets indicate significant increases in revenue and profitability. Additionally, Qualcomm, traditionally known for its dominance in the mobile chipset market, revealed a strategic move to enter the data center processor market. The company will develop custom-designed server chips to capitalize on rising demand for artificial intelligence and high-performance computing. This step is seen as part of Qualcomm's strategy to diversify its portfolio and expand into high-growth areas. Although the data center market is currently dominated by players such as Intel and AMD, Qualcomm aims to differentiate itself with its ARM-based architecture. According to other details shared during the investor day, Qualcomm stated that its order book in the automotive sector has strengthened, and revenues in this area are expected to increase significantly in the coming years. The company projects automotive revenues could reach $9 billion by 2029. This is not investment advice.