Qualcomm's multi-generation AWS collaboration on custom AI data center silicon and inference shows its data center customers are becoming clear. Qualcomm confirmed the AWS deal is baked into its $15 billion FY29 data center revenue target, which should remove doubt about hitting that number; investor relations confirmed this despite @bubbleboi's objection. Qualcomm remains an execution beneficiary, with its data center value moving toward the upside case. x.com  x.com  x.com 

Qualcomm is moving deeper into AI infrastructure alongside NVIDIA, Broadcom and Marvell through a partnership with Amazon Web Services. AWS will work with Qualcomm on custom AI inference chips and 1.6T optical connectivity, and Amazon got warrants for up to 25M Qualcomm shares that vest with up to $60B of purchases. CFO Akash Palkhiwala has very high confidence in about $5B of FY2027 data center revenue, with orders in hand, and targets $15B+ data center revenue and $18+ non-GAAP EPS by FY2029. … Show more

Qualcomm stays a Hold, with the target cut to $186 on handset weakness and limited near-to-mid-term data-center visibility. Fiscal Q4 2026 revenue guidance of $9.7-10.5B fell short of buy-side chatter near $11B; Android faces elevated wafer inventories and Apple modem revenue is falling faster than expected. Data-center targets of $5B in FY27 and $15B+ in FY29 were reaffirmed and AI250 has four major US cloud customers, but high LPDDR5 prices hurt its competitiveness, and CPUs are years off. … Show more

Qualcomm's investor day strengthened the long case, as its CFO raised FY2029 non-handset revenue guidance 91% to $40B. Qualcomm disclosed major orders from two hyperscalers, said its Dragonfly C1000 data-center CPU launches in mid-2028 with Meta among the first customers, introduced the AI300 accelerator and data-center interconnect, and expects $6B of annualized automotive revenue in FY2026. It also agreed to buy AI software firm Modular for $3.9B. x.com 

Qualcomm's multi-generation custom silicon pact with Amazon extends into optical connectivity, making it a second source for AWS's 1.6T DSPs. The companies are building solutions up to 1.6T and beyond on Qualcomm's SerDes and optical DSP technology, and Qualcomm issued Amazon a warrant for up to 25 million shares. Volume 1.6T DSPs at AWS are unlikely before late 2027 given long qualification cycles, but the deal pressures Marvell's DSP pricing at AWS, its most profitable product. x.com 

Qualcomm is not simply undervalued: as a pure chip designer it lacks both manufacturing and distribution to end developers, leaving it squeezed by the largest companies on earth. It sends designs to TSMC and has no vertical integration. Amazon, which has pricing power through AWS, is now using Qualcomm to design its next chip, pushing it to undercut Broadcom. Nvidia controls the CUDA developer ecosystem, so its designs will likely far outpace Qualcomm's. It could be wrong short term. x.com 

Qualcomm's multi-generation AWS partnership breaks its image as just a smartphone-chip maker and opens a second growth engine in AI data centers. It will develop custom silicon and optical connectivity for AWS AI inference and granted Amazon affiliates warrants for up to 25 million shares, following its data-center CPU work with Meta. Snapdragon still leads in edge AI, AI PCs and auto. At about 20x earnings, in line with its history, valuation offers downside protection. x.com 

Qualcomm's AI data center upside is not priced in, and a deal with AWS worth up to $60B would quickly change its $15B AI chip plan. Qualcomm and Amazon agreed a multi-generation collaboration on custom silicon for AI inference and optical connectivity. Per @PatrickMoorhead, payments of up to $60B fall under a warrant framework granting Amazon up to 25 million Qualcomm shares, about 2.4% of the company. Amazon revenue starts in the December quarter. x.com  x.com  x.com  x.com 

Apple dropping Qualcomm in favor of its own chips is a warning sign for Qualcomm. When Apple dumped Intel's chips, it marked five years of pain for Intel. Around $150 would be the right level to step in. x.com 

Qualcomm is still priced as a legacy modem stock while it builds a serious AI data center business. At 16x forward earnings it trades far below Broadcom, AMD and Nvidia. Per FundaAI research, it could ship about 1 million custom AI ASICs to a Chinese cloud provider by end-2026 at around $4,000 each, roughly $4 billion from one customer, with about 3 million server CPUs from 2027 and two US cloud providers in the pipeline; those figures remain estimates. x.com