Qualcomm raises long-term AI revenue targets, shares react after NASDAQ investor day

By Anna Wagner, Analysts & Consensus desk. Reviewed prior to publication on 2026-06-28, 12:27.

Qualcomm Inc. (US7475251036) sharpened its long-term AI and data center ambitions this week. The NASDAQ-listed chip designer updated investors on non-handset revenue targets at its recent investor day, with fresh analyst commentary picking up the new guidance.

What Reuters and DZ Bank report

According to Reuters, Qualcomm told investors that it now expects its data center business to reach about $15 billion in annual sales by fiscal 2029, compared with a projection of $5 billion for fiscal 2027, including around $1 billion from new custom-chip customers. In the same presentation, Chief Financial Officer Akash Palkhiwala outlined a higher target for chip businesses outside smartphones, lifting the 2029 outlook from $22 billion to around $40 billion in revenue. DZ Bank responded on June 26 by upgrading Qualcomm shares from Hold to Buy and setting a price target of $265, explicitly citing the expanded data center opportunity and broader AI compute roadmap as key reasons for its more positive stance.

Consensus, rating mix and sector peers

Across the analyst community, consensus compiled by PriceTargets.com shows a Hold rating on Qualcomm, with an average price target around $218 based on 37 individual recommendations spanning one Sell, 20 Hold, 15 Buy and one Strong Buy rating. Bank of America earlier lifted its price target to $195 from $165 on May 23 while maintaining an Underperform view, highlighting both the attractiveness of AI growth and the competitive intensity in data center and edge compute markets. That leaves Qualcomm positioned between more cautious and more optimistic houses, alongside sector peers such as Nvidia and AMD that also target AI accelerators and data center workloads.

What the company sells in AI and chips

Qualcomm’s core business remains designing and licensing mobile system-on-chips, with its Snapdragon platform powering Android smartphones from multiple manufacturers. The updated guidance puts more emphasis on AI-capable processors and accelerators for data centers, edge devices and automotive applications, extending beyond handset modems and application processors into higher-margin compute workloads.

Where the stock trades today

Qualcomm shares (US7475251036) trade on NASDAQ at around $188.70 as of 2026-06-28, 10:00 Eastern Time, with intraday highs near $208.86 and lows around $186.26 during the current session, according to Robinhood price data.

Disclaimer: This article is for informational purposes only and does not constitute investment advice, a recommendation or an offer to buy or sell securities. All data and estimates are based on sources cited in the text and may change without notice.