Qualcomm just held its 2026 Investor Day, and the headline number is a new $15 billion AI data center revenue target for 2029 — up from essentially zero two years ago. We break down whether this fabless smartphone-royalty giant can actually pull off a pivot into AI data centers. We cover the AlphaWave Semiconductor acquisition and why Arm-based data center networking IP matters to hyperscaler customers, Qualcomm&#x27;s 3D-stacked silicon packaging approach designed to work around the high bandwidth memory bottleneck amid the 2026 memory shortage, and the Modular acquisition — an AI-native software platform positioned as a potential CUDA alternative. On fundamentals, we walk through the revenue mix as smartphone growth slows to a 5% CAGR following the Apple wind-down, and why automotive and IoT are beating original targets. We close with a reverse DCF on the ~$190 stock price to see how much growth is already priced in, and why QCOM still holds a place in our portfolio as a diversified, value-oriented semiconductor stock. Content is for general information and entertainment only, not individual investment advice. All investing involves risk, including loss of principal. CSI owns shares of Qualcomm. Semi Insider members get full access to our research platform and tools. Join at chipstockinvestor.com.

Qualcomm Is Quietly Becoming an AI Data Center Stock

Chip Stock Investor Podcast

During our mid-year review, we took a look at all of our stocks in our portfolio. And one company that didn't really do a whole lot was Qualcomm. I think it was up 8% year to date, which pales in comparison to the rest of the portfolio. And as you know, we've talked a lot about Qualcomm here at Chip Stock Investor. They are a very prominent, fabulous chip designer. They have a huge IP and patent portfolio.

And so it is one of the largest players in the industry. In this video, we're going to talk about what Qualcomm is doing to help change the market's perception of what their goal is. And who knows, maybe it'll help with their performance. Let's talk about it. And as a reminder, remember to check us out at chipstockinvestor.com. This video is actually a continuation of a video we did on a live event a couple weeks ago, as well as a series of articles where we've talked about Qualcomm and

even though it's underperformed, why we are ultimately just leaving it alone in the portfolio as part of a diversified basket of stocks. Check it out. Semi Insider. We have a growing number of tools for investors to help you cut through the noise when it comes to investing in high tech. New stuff coming out later this summer. See you over there. Chipstockinvestor.com And while you're at it, make sure you hit the subscribe button here on YouTube so you don't miss a video.

So recently, Qualcomm held an investor day and they announced a notable acquisition, which we're going to cover as well. But this acquisition and this investor day helps kind of flesh out what they're planning on doing.

Qualcomm Is Quietly Becoming an AI Data Center Stock

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Qualcomm Is Quietly Becoming an AI Data Center Stock

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.