Price Prediction: Qualcomm Has Over 50% Upside as AI Data Center Push Accelerates
Qualcomm (QCOM) trades at $170.61, down 20% in a month, but 24/7 Wall St. rates it a BUY with a $260.52 target (52.7% upside). The bull thesis hinges on Qualcomm becoming a credible third player in hyperscaler custom silicon, with CEO Cristiano Amon confirming a custom silicon engagement with a leading hyperscaler on track for initial shipments in December 2026. Management doubled its 2029 non-handset revenue target to $40 billion, including a $15 billion AI data center sales goal. Automotive revenue hit a record $1.326 billion, up 38% YoY. The article compares Qualcomm favorably to NVIDIA and Broadcom, noting Broadcom's $10.80 billion quarterly AI semiconductor revenue as the rerating target. Risks include customer concentration (only 20% share of Apple phones in fall 2026), handset revenue decline, and insider selling. The next earnings report is expected July 29.
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