GoKawiilCristiano Amon, president and CEO of Qualcomm, speaks before a Siemens keynote at CES 2026, an annual consumer electronics trade show, in Las Vegas, Nevada, U.S. Jan. 6, 2026.
Qualcomm shares jumped 15% in extended trading on Wednesday after the chipmaker said non-handset revenue in fiscal 2029 will be $40 billion, up from a prior forecast of $22 billion.
The company also said, as part of its shareholder meeting, that it's targeting $15 billion in data center sales for that year, and it's looking for total adjusted earnings of over $18 a share. Analysts polled by LSEG have an EPS target of $15.26 for fiscal 2029.
Earlier on Wednesday, Qualcomm revealed a central processing unit for data centers called Dragonfly C1000, and said that Meta would use it when it starts production in 2028. The chipmaker said that the new CPU was built for agentic AI and focuses on offering computing performance without using too much power.
The announcement, made at a Qualcomm presentation to investors, is another sign that the company best known for smartphone processors and modems is aggressively targeting the data center market.
Qualcomm said at the event that it has a roadmap to target the quickly-growing market with several different products, including an AI chip and a product that will tie multiple chips together.
CEO Cristiano Amon said the company has "just been executing, collecting assets, and when we got to this point, we feel that we have a comprehensive portfolio to enter the next phase of the data center."
Akash Palkhiwala, Qualcomm's CFO, said in an interview that the company already has business with nearly every hyperscaler through its smartphone chips and other existing products.
"This is not a new relationship. It's the benefit of what we've delivered to them already on the edge, combined with the scale and the expertise and the confidence in Qualcomm, is what makes them engage with us on data center," Palkhiwala said.