Qualcomm (QCOM) - Thoughts on analyst day, and answers to our questions

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Qualcomm (QCOM) - Thoughts on analyst day, and answers to our questions

25 June 2026

U.S. Semiconductors

Qualcomm (QCOM) - Thoughts on analyst day, and answers to our

questions

Qualcomm held their analyst day in NYC yesterday, with presentations from Cristiano Stacy A. Rasgon, Ph.D.

+1 213 559 5917 Amon (CEO), Akash Palkhiwala (CFO), Nakul Duggal (GM of Auto, IoT, and Robotics), and

stacy.rasgon@bernsteinsg.com Tony Pialis (GM, Data Center, formerly CEO of Alphawave).

Alrick Shaw The day emphasized the company’s continued diversification strategy with a

+1 917 344 8454 particular focus on Datacenter (which is really all anyone wanted to hear about). alrick.shaw@bernsteinsg.com

Qualcomm will be going to market with a fairly full suite of datacenter products including

Arpad von Nemes connectivity (via the recent Alphawave acquisition), custom ASICs, accelerators, and

+1 917 344 8461 CPUs, leveraging what they believe is a unique memory architecture (which they call High

arpad.vonnemes@bernsteinsg.com Bandwidth Compute) that uses LPDDR stacks instead of HBM or SRAM with (supposedly)

substantially better bandwidth/capacity per watt.

While the presentations themselves felt a bit heavy on the marketing, the numbers

shared at the end were on the surface quite positive, with the company calling for

$5B in FY27 datacenter revenues and $15B by FY29 (both, we believe, above whisper

expectations), as well as raising FY29 auto outlook to $10B. Overall they appear to be

guiding for a FY29 model of ~$65B in revenue and ~$18 in EPS; we believe a ~$15 FY29

EPS is still possible under more pessimistic scenarios as well.

That being said, at the sell-side Q&A following the event management also

appeared to further talk down smartphone expectations (suggesting android revenues