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Qualcomm stock pops 15% after chipmaker almost doubles projection for 2029 non-handset revenue

Qualcomm updated its fiscal 2029 non-handset revenue goal to $40 billion during its Investor Day. The company unveiled the Dragonfly C1000 data center CPU and AI infrastructure. Meta and Microsoft are identified as early customers for these products.

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What changed

New data breaks down the $40 billion target into specific revenue goals for data centers, IoT, and automotive sectors.

Live updates

  1. Qualcomm Raises 2029 Non-Handset Revenue Target to $40 Billion

    Qualcomm updated its fiscal 2029 non-handset revenue goal to $40 billion during its Investor Day. The company unveiled the Dragonfly C1000 data center CPU and AI infrastructure. Meta and Microsoft are identified as early customers for these products.

    What's confirmed:

    • Qualcomm raised its fiscal 2029 non-handset revenue target to $40 billion.
    • The company introduced the Dragonfly C1000 data center CPU and AI infrastructure.
    • Meta is a customer for the new chips.
    • Microsoft is a customer for the new chips.

    Still unconfirmed:

    • The $40 billion target consists of $15 billion from data center sales, $14 billion from Internet of Things, and $10 billion from automotive.
    • Qualcomm's previous projection for non-handset revenue was $22 billion.
    confidence 90%

  2. Qualcomm Stock Rises 15% on Higher 2029 Non-Handset Revenue Target

    Qualcomm raised its fiscal 2029 non-handset revenue target to $40 billion. The company also introduced the Dragonfly C1000 data center CPU and AI infrastructure. Meta and Microsoft are early customers for these new chips.

    What's confirmed:

    • Qualcomm raised its fiscal 2029 non-handset revenue target to $40 billion.
    • Qualcomm stock increased 15% following the announcement.
    • The company unveiled the Dragonfly C1000 CPU for data centers.
    • Meta is a major customer for the new data center CPUs.
    • Qualcomm projects data center chip sales of $15 billion by 2029.
    • Microsoft is an early customer for Qualcomm's data center infrastructure.
    • Smartphone revenue accounted for two-thirds of Qualcomm's product revenue in its most recent quarter.

    Still unconfirmed:

    • The Dragonfly C1000 will be used by Meta when production begins in 2028.
    • Qualcomm's previous non-handset revenue target was $22 billion.
    confidence 95%