The AI Opportunity Qualcomm Investors May Be Underestimating

Qualcomm's shares are down 5.06% year to date, but 24/7 Wall St. sets a $226.05 price target, implying 41.14% upside, citing a diversified semiconductor platform and a data center push. CEO Cristiano Amon targets non-handset revenue of $40 billion by fiscal 2029, with data center revenue projected to grow from $5 billion in fiscal 2027 to $15 billion in fiscal 2029, backed by two hyperscaler custom silicon wins. The company's fiscal Q3 revenue beat consensus by 2.84% at $9.947 billion, though non-GAAP EPS of $2.21 missed, and handset revenue fell 20% year over year while automotive rose 61% to $1.588 billion.

Wall Street prices Qualcomm NASDAQ: QCOM https://247wallst.com/companies/QCOM/ | QCOM Price Prediction https://247wallst.com/companies/qcom/price-prediction like a handset company facing a slow Apple exit. Our model sees a diversified semiconductor platform with a credible path into the data center, priced at a discount to its earnings power. The 24/7 Wall St. price target for Qualcomm is $226.05 over the next 12 months, implying 41.14% upside from the current $160.61 quote. Our recommendation is buy https://247wallst.com/investing/2026/07/31/qualcomms-next-growth-engine-could-send-shares-much-higher/ , with a high confidence level of 90%. 24/7 Wall St. Price Target Summary | Metric | Value | |---|---| | Current Price | $160.61 | | 24/7 Wall St. Price Target | $226.05 | | Upside | 41.14% | | Recommendation | BUY | | Confidence Level | 90% | A Rough Stretch With a Sharper Story Underneath QCOM shares are down 2.46% over the past week, 7.35% over the past month, and 5.06% year to date, well off the $258.96 52-week high. Fiscal Q3 revenue of $9.947 billion https://www.qualcomm.com/news/releases/2026/07/qualcomm-announces-third-quarter-fiscal-2026-results beat consensus by roughly 2.84%, but non-GAAP EPS of $2.21 narrowly missed expectations, ending a six-quarter beat streak. Handset revenue fell 20% year over year, while automotive rose 61% to $1.588 billion. That mix shift is the story the market is under-pricing. Why Bulls See a Breakout Ahead The bull thesis centers on non-handset revenue https://247wallst.com/investing/2026/08/12/prediction-this-chipmaker-could-be-a-bigger-winner-than-investors-think/ . CEO Cristiano Amon said Qualcomm is targeting “total non-handset revenues growing to $40 billion by fiscal 2029, nearly double the target we shared in November 2024”, with growth accelerating from 24% in fiscal 2026 to greater than 60% in fiscal 2027. Data center alone is projected to scale from $5 billion in fiscal 2027 to $15 billion in fiscal 2029, backed by two hyperscaler custom silicon wins https://247wallst.com/investing/2026/08/11/beyond-gpus-as-hyperscalers-flex-their-own-chips-a-new-kind-of-ai-premium-is-in-the-cards/ already in wafer production with revenue starting the December quarter the same data-center buildout we mapped across seven non-chipmaker suppliers in a free AI infrastructure report https://247wallst.com/pages/ai-power-seven-offer-d905ec99.html . HBC Gen 1 has taped out, with a first solution launch targeted for mid-2027. Our bull case forecast points to $243.69 https://247wallst.com/investing/2026/07/18/price-prediction-qualcomm-has-over-50-upside-as-ai-data-center-push-accelerates/ , a 52.16% total return. What Could Go Wrong Apple product revenue is expected to fall roughly 50% from September to December quarter, with fiscal 2027 share landing materially below the prior 20% assumption. Operating income fell 41.13% year over year in Q3 amid broad-based increases in wafer, packaging, and memory costs. Management expects planned double-digit price increases to restore gross margin to the historical 48% to 50% range. The margin decline reflects heavy investment in the data center roadmap that our model rewards. Our bear case still lands at $191.05, a 19.29% gain from here. How Qualcomm Compares to Broadcom and Marvell Broadcom NASDAQ: AVGO https://247wallst.com/companies/AVGO/ is the incumbent in hyperscaler custom silicon and sets the valuation ceiling. AVGO trades at a rich multiple relative to QCOM’s forward P/E of 16, framing how much re-rating room Qualcomm has if its two hyperscaler wins scale as guided. Marvell Technology NASDAQ: MRVL https://247wallst.com/companies/MRVL/ competes head-on for custom ASIC and networking sockets at the same hyperscalers Qualcomm just landed. Marvell already carries an AI premium; Qualcomm trades near 18x trailing earnings with an EV/EBITDA of 13. On the same data center opportunity, Qualcomm looks meaningfully cheaper, making our 24/7 Wall St. price target of $226.05 reasonable rather than aggressive. Qualcomm Price Prediction 2026-2030 Buy, with high confidence. The 24/7 Wall St. price target of $226.05 rests on a forward multiple that is not demanding, a genuine data center inflection https://247wallst.com/investing/2026/06/27/qualcomm-wants-to-bring-ai-data-center-power-to-your-smartphone/ in fiscal 2027, and record automotive momentum. The setup strengthens if fiscal Q4 confirms pricing-driven margin recovery and the December-quarter custom silicon ramp lands on schedule. The thesis weakens if handset weakness deepens beyond the guided low-teens fiscal-year decline or if HBC customer engagements slip past mid-2027. | Year | 24/7 Wall St. Price Target | |---|---| | 2026 | $180.11 | | 2027 | $226.05 | | 2028 | $282.29 | | 2029 | $345.81 | | 2030 | $382.57 | These projections assume Qualcomm executes on the $40 billion non-handset revenue target. Significant upside or downside could come from the pace of hyperscaler custom silicon ramps and the trajectory of memory and wafer input costs. 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