Too Aggressive Data Center Aspirations or A True New Competitor Coming to Market?

Research evidence excerpt

Too Aggressive Data Center Aspirations or A True New Competitor Coming to Market?

Semiconductors & Semiconductor Equipment

Qualcomm Incorporated (QCOM)

EQUITY RESEARCH Company Update

June 24, 2026

Too Aggressive Data Center Aspirations or A True New Price: $197.41

Price Target: $220.00 (From Competitor Coming to Market?

$200.00)

Qualcomm hosted an Investor Day in New York today and dare we Rating: Neutral

say the company’s outlined goals were aggressive. Supported by core

Key Statistics: technology and IP, customer reach, scale and execution, as well as the Symbol NSQ: QCOM

recent Alphawave and Modular acquisitions, the company believes it can 52-Week Range 121.99 - 259.92

Market Cap 208,070.1 win across server CPUs, custom silicon, AI Accelerators, and optical and

ADV (3 mo) 20,735,094 electrical interconnect - effectively taking on NVDA, AVGO, AMD, MRVL

Shares Out (M) 1,054.0 and others that have been building their world-class businesses for the last

multiple decades. Moreover, the company presented a full-stack AI Data

Research Analysts: Center capability, essentially suggesting direct, open-source competition to

C.J. Muse NVDA’s CUDA platform. So while we certainly wish QCOM the best of luck

212-915-1935

CJ.Muse@cantor.com in this endeavor, there is plenty of wood to chop ahead. As for positives,

Nick Monroe the company did announce initial Connectivity revenues in 2HFY26 (legacy

212-829-5456 Alphawave biz), expected initial revenues in Custom Silicon in 1QFY27 (2

Nick.Monroe@cantor.com customers over $1B/each by FY29), AI Accelerator ramp starting in 2HCY27

Matthew Prisco (2 major hyperscale wins), and Oryon CPU head node ramp in FY28 (META 212-610-2416

Matthew.Prisco@cantor.com announced as customer). Taking a step back, we 100% believe in the merits