Qualcomm Targets $15B+ Data Center Revenue by FY2029, Acquires Modular for ~$4B
QCOM sits 83% above its 52-week low of $121.99.
Summary
Qualcomm unveiled ambitious financial targets, projecting over $15 billion in data center revenue by FY2029 and $40 billion in non-handset chip revenue by 2029. This strategic pivot includes the confirmed acquisition of AI software firm Modular for approximately $4 billion, funded by up to 19.2 million new shares. The company is also in active talks with ByteDance for a custom AI chip. These aggressive targets and strategic moves underscore Qualcomm's commitment to diversifying beyond its core handset business into high-growth AI and data center markets, though the Modular acquisition will result in share dilution. The Modular acquisition is expected to close in H2 2026.
At the time of this announcement, QCOM was trading at $222.97 on NASDAQ in the Technology sector, with a market capitalization of approximately $208.1B. The 52-week trading range was $121.99 to $259.92. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Wiseek News.