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Qualcomm Raises 2029 Targets, Unveils Data Center AI Strategy; Shares Rise After Hours

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Qualcomm (QCOM) raised its fiscal 2029 non-handset revenue target to $40 billion, about double its previous goal, and unveiled a data center AI infrastructure strategy targeting more than $15 billion in revenue by fiscal 2029.

The company late Wednesday also raised its automotive revenue target to $10 billion by fiscal 2029 and expanded its automotive design-win pipeline to $65 billion.

At its 2026 investor day, Qualcomm said it expects handset revenue to account for about one-third of its QCT semiconductor business by fiscal 2029, reflecting broader diversification into data centers, automotive, industrial AI, networking and robotics.

The company also said it targets non-GAAP earnings per share of more than $18 in fiscal 2029.

Qualcomm shares rose 11% in after-hours trading.

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