QUALCOMM, Inc.: Analyst Day Takeaways - All Eyes on DC, Doing A Bit of Everything

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QUALCOMM, Inc.: Analyst Day Takeaways - All Eyes on DC, Doing A Bit of Everything

Equity Research

U.S. Semiconductors & Semiconductor Capital Equipment

25 June 2026

QUALCOMM, Inc.

Analyst Day Takeaways - All Eyes

on DC, Doing A Bit of Everything

Guiding to $5B of DC revenue in FY27E, and $15B+ in FY29E. QCOM UNDERWEIGHT

Two unnamed hyperscalers for custom silicon contributing to Unchanged

revenue at the end of the year, MSFT will use HBC and META U.S.SemiconductorSemiconductorsCapital& NEUTRAL

Equipment

Unchangedwill use C1000 CPU.

Price Target USD 245.00

raised 63% from USD 150.00

Heading into the event, our view was that QCOM would need to reveal a major US hyperscale

Price (24-Jun-26) USD 197.41customer for its custom silicon / AI accelerator. The company instead announced two global

Potential Upside/Downside +24.1%hyperscaler customers for custom silicon, along with an agreement for META to use its C1000

Source: Bloomberg, Barclays Research

CPU. The company revised its FY29E revenue targets to $10B / $14B+ for Auto / IoT, up from $8B /

$14B in 2024, while targeting $15B+ of DC revenue. This and participation in a $1T+ 2029 TAM

Market Cap (USD mn) 208070including connectivity, custom silicon, AI accelerator, and CPU seems to be enough for the stock

Shares Outstanding (mn) 1054.00to work following the event. Wafers appear to be fungible and in an environment where supply

Free Float (%) 99.89is tight, whoever has capacity will benefit. That said, we remain UW as this is a show-me story in

52 Wk Avg Daily Volume (mn) 12.4a highly competitive market.

Dividend Yield (%) 1.86

Key Takeaways: Return on Equity TTM (%) 36.08

Current BVPS (USD) 25.76

• FY29E Auto / IoT revenue targets of $10B / $14B+, vs. $8B / $14B prior, and DC $15B+. Total Source: Bloomberg