Qualcomm shares rise after higher 2029 revenue outlook
Qualcomm shares jump after a bigger 2029 revenue outlook and AI chip launch. See why investors are watching its push into data centers, cars, and robots.
Qualcomm shares climbed 15% in extended trading on Wednesday after the company raised its forecast for nonhandset revenue in fiscal 2029 to $40 billion, up from a previous estimate of $22 billion.
The chipmaker said it expects about $15 billion in data center sales by that year and is targeting more than $18 in adjusted earnings per share. Analysts surveyed by LSEG currently expect fiscal 2029 EPS of $15.26.
The update came as Qualcomm introduced a data center CPU called Dragonfly C1000 and said Meta plans to use it when production begins in 2028. Qualcomm said the chip is designed for agentic AI workloads and aims to deliver strong performance while using less power. The company also said it has secured two custom silicon deals with hyperscalers and is expanding into cars, robots and data centers as it looks beyond smartphones.