Qualcomm raises AI data center targets, shares backed by fresh analyst price calls

By Anna Wagner, Analysts & Consensus desk. Reviewed prior to publication on 2026-06-29, 10:11.

Qualcomm (US7475251036) is extending its AI ambitions beyond smartphones with a stronger focus on data center workloads. The NASDAQ-listed group recently detailed a long-term plan for up to 15 billion dollars of AI data center revenue by fiscal 2029 at an Investor Day, according to market commentary and company presentations.

What recent reports highlight

Several analyst and market commentary sources point to Qualcomm’s updated AI and data center strategy, including the revenue ambition and customer traction. TrendSpider cites that QCOM stock surged as Qualcomm targets 15 billion dollars in data center AI revenue by fiscal 2029 and signs a major server CPU deal with Meta, driven by expanding non-handset segments. MarketBeat adds that investors are reacting to this Investor Day framing as part of a broader positive long-term story for the company’s AI positioning. These sources underline that management now sees a much larger opportunity in data center accelerators and AI-focused CPUs than previously communicated.

Alongside the revenue goals, Qualcomm is also pursuing acquisitions to strengthen its AI software stack. Reuters reporting summarized in specialist coverage indicates the company is set to acquire Modular, an AI software startup, in an all-stock deal worth nearly 3.9 to 4 billion dollars, with up to 19.2 million Qualcomm shares to be issued to Modular equity holders. The Modular buy is intended to provide software that allows AI models to run across different chips without developers having to tailor code to each processor, which fits Qualcomm’s broader strategy of offering platform-level AI solutions spanning client devices and data centers.

Analyst reactions and price targets

Analyst houses have reacted to the updated AI roadmap and deal activity with fresh or higher price targets. TrendSpider notes that Rosenblatt Securities analyst Kevin Cassidy maintains a Buy rating on Qualcomm and raises the price target from 190 to 265 dollars, citing the expanded data center AI opportunity and revenue ambition through fiscal 2029. Separately, RBC Capital Markets has lifted its Qualcomm target to 250 dollars from 175 dollars, while keeping a Sector Perform rating, according to a recent market commentary roundup that references Yahoo Finance data. These moves point to a more optimistic, though still differentiated, view of Qualcomm’s ability to translate AI positioning into earnings growth over the next several years.

Alternative data provider AltIndex places Qualcomm’s market capitalization around 200 billion dollars, with a current price-to-earnings ratio close to 20.4 and a spot share price near 204.90 dollars as of late June, based on its 27 June data snapshot. That data suggests the market has already priced in part of the AI and data center expectations, but consensus price targets from houses such as Rosenblatt and RBC still point to upside if execution on AI compute and acquisitions remains on track.

The product and business focus

Qualcomm’s core business model remains anchored in designing and licensing semiconductor platforms, with the Snapdragon line as its best-known product family. Snapdragon mobile system-on-chip platforms, which combine CPU, GPU, modem and AI accelerators, have been standard in many Android smartphones for years, and the company receives both chip sales and licensing revenue tied to these designs. In recent product cycles, Qualcomm has shifted Snapdragon branding into PCs and edge devices to support on-device AI and energy-efficient computing, aiming to bridge client and data center workloads over its platforms.

Where the shares trade today

Qualcomm shares (US7475251036) most actively trade on the NASDAQ exchange in New York. As of the most recent verified close on 2026-06-26 at 16:00 Eastern, MarketBeat reports a closing price of 189.39 dollars for QCOM, with extended trading later that evening showing 188.80 dollars. The company’s shares therefore currently sit below the latest analyst price targets from Rosenblatt at 265 dollars and RBC at 250 dollars.

This text is for informational purposes only and does not constitute investment advice, a recommendation to buy or sell securities, or any form of financial promotion. All data are based on sources cited in the text and may change over time.