Qualcomm’s data center strategy just got its most ambitious public airing yet — and Wall Street took notice. Shares jumped roughly 15% in extended trading on June 24, 2026, after the chipmaker nearly doubled its non-handset revenue projection for fiscal 2029, signaling a company in the middle of a serious identity change.
Key takeaways
Qualcomm raised its 2029 non-handset revenue target to $40 billion, up from a prior forecast of $22 billion.
The company is targeting $15 billion in data center revenue by fiscal 2029, anchored by its new Dragonfly C1000 CPU.
Meta is lined up to use the Dragonfly C1000 when it starts production in 2028.
Qualcomm began shipping data center processors to a significant hyperscaler as of May 2026.
Morgan Stanley maintained an Underweight rating on Qualcomm through at least April 2026; any upgrade report circulating as of late June remains unconfirmed.
Morgan Stanley’s Rating: What’s Actually Confirmed
Before diving into Qualcomm’s st
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