QUALCOMM Incorporated (NASDAQ:QCOM) is pivoting toward non‑handset growth—raising a FY2029 target to $40B with major bets on data center (~$15B), automotive ($10B) and IoT (~$14B), backing AI with Dragonfly C1000, a Meta supply deal and Modular buy, even as near‑term revenue and stock churn persist.
Previous Week Recap
- Qualcomm Raises Non‑Handset Revenue Target: QUALCOMM raised its long-term non-handset revenue target to $40B by FY2029, allocating about $15B to data center, $10B to automotive and $14B to IoT; handsets ~1/3 of chip revenue.
- Dragonfly C1000, Meta Deal, AI Target: Qualcomm targets $15B+ AI data‑center revenue and $40B non‑handset revenue by FY2029, launched Dragonfly C1000 data‑center CPU and signed multi‑year supply deal with Meta as first major customer.
- Qualcomm To Buy Modular: Qualcomm to buy Modular for $3.92B, deal closing H2 2026. Acquisition adds Modular’s Mojo language and MAX inference engine, boosting Qualcomm’s software and silicon‑agnostic compute capabilities.
- Qualcomm Q1 Revenue Decline: Qualcomm Q1 revenue $10.6B, down 2.2% YoY. Q2 guidance missed estimates and inventories rose. Stock rallied about 22.9%, trading near $191.65 after the report.
- Mizuho Lifts Price Target: Mizuho raised QUALCOMM (QCOM) price target from $170 to $210 per share, updating its valuation for the stock.
- SpaceX AI Device Denial: QCOM fell ~0.5% after CEO Elon Musk denied a report that SpaceX demoed a handset-like AI device using Qualcomm Snapdragon chips; stock reversed early gain, eyeing a fourth straight decline
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