Qualcomm J.P. Morgan TMC Conference Takeaways

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Qualcomm J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

19 May 2026

Qualcomm Neutral

QCOM, QCOM US

J.P. Morgan TMC Conference Takeaways Price (19 May 26):$195.61

IT Hardware/ Telecom & Networking

Equipment

Samik Chatterjee, CFA AC

(1-212) 622-0798

samik.x.chatterjee@jpmorgan.com

Manmohanpreet Singh

(1-212) 622-4527

We hosted a fireside chat with Akash Palkhiwala, Chief Financial Officer & Chief manmohanpreet.singh@jpmchase.com

Operating Officer, at our 54th annual J.P. Morgan Global TMC Conference. Our Joseph Cardoso

key takeaways include: (1-212) 622-9036

joseph.cardoso@jpmchase.com

• Datacenter opportunity spans across three key product categories. Marc Vitenzon

Qualcomm outlined a multi-pronged strategy relative to the datacenter market (1-212) 622-3342

spanning custom silicon, merchant CPU, and a merchant AI accelerator, with marc.vitenzon@jpmchase.com

an additional smaller adjacency in connectivity chips. Hyperscaler custom Akanksh Chauhan

silicon engagement, with revenue starting later in 2026, is expected to add (1-212) 622-0045

material revenues in FY27. CPU offering will be an extension of the akanksh.chauhan@jpmorgan.com

company’s best-performing CPUs across smartphones and PCs to datacenters. J.P. Morgan Securities LLC

The merchant accelerator leverages Qualcomm's low-power NPU heritage,

and is optimized for inference decode workloads, and claims a novel solution

to the memory bandwidth bottleneck. Overall datacenter opportunity was

highlighted to be global in nature and not just focused on US-based

hyperscalers.

• Differentiation is led by IP breadth, scaled foundry access as well as TCO.

Qualcomm believes its core differentiation in the datacenter opportunities will