Qualcomm Has Over 50% Upside as AI Data Center Push Accelerates
24/7 Wall St. rates Qualcomm (QCOM) a BUY with a $260.52 price target, implying 52.7% upside, despite a 20% drop in the past month to $171. 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 the December quarter. Management doubled its 2029 non-handset revenue target to $40 billion and set a $15 billion AI data center sales goal. Automotive revenue hit a record $1.326 billion, up 38% YoY, while handset revenue fell 13% due to memory supply constraints. Risks include customer concentration, with only 20% share of Apple phones expected for fall 2026, and recent insider net selling. The article compares Qualcomm favorably to NVIDIA and Broadcom, noting Broadcom's $10.80 billion quarterly AI semiconductor revenue as the rerating target. Earnings are expected July 29.
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