Qualcomm boosts long-term revenue guidance to $40 billion, citing AI-driven demand in data centers and robotics.
Qualcomm increased its 2029 revenue target to $40 billion, nearly double its prior guidance, driven by growth in AI infrastructure. The company expects over $15 billion in AI-related data center revenue by fiscal 2029, supported by a $1.7 trillion total addressable market by 2030.
The revised outlook follows a period of underperformance relative to peers like Nvidia and Broadcom, which saw five-year returns of 920% and 720%, respectively. Qualcomm’s late entry into AI chips had weighed on its valuation, but management now sees inflection points in data centers, robotics, and industrial AI.
CEO Cristiano Amon stated Qualcomm is positioned to capture these opportunities, with growth extending beyond 2029. The company’s strategy focuses on agentic AI and personal AI applications as key catalysts.