Qualcomm Just Nearly Doubled Its Most Important Growth Target, Confirming Its Place as a Key AI Stock

Qualcomm nearly doubled its non-handset revenue target to $40 billion by fiscal 2029 and set a $15 billion data center revenue goal, marking its boldest diversification push yet. The company secured a multi-year deal with Meta for its new Dragonfly C1000 processor, though it faces significant competition from Nvidia in the data center market. Trading at a modest 17x earnings, the stock offers potential upside if Qualcomm can execute on its ambitious growth plans.