2026 Investor Day Review: Pivot Beyond Handset Gains Momentum with DC Opportunity Underscoring an Acceleration through FY29

研报英文原文证据摘录

2026 Investor Day Review: Pivot Beyond Handset Gains Momentum with DC Opportunity Underscoring an Acceleration through FY29

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

25 June 2026

Qualcomm

2026 Investor Day Review: Pivot Beyond Handset Neutral

Gains Momentum with DC Opportunity Underscoring an QCOM, QCOM US

Acceleration through FY29 Price (24 Jun 26):$197.41

Price Target (Dec-26):$265.00

Qualcomm's 2026 Investor Day reinforced the company's multi-year pivot toward IT Hardware/ Telecom & Networking

a more diversified business as management layered a robust Data Center Equipment

opportunity on top of Auto and IoT businesses that are already tracking well ahead Joseph Cardoso AC

of prior plans, which in combination is expected to drive a markedly more (1-212) 622-9036

favorable non-handset revenue mix in the coming years (e.g., ~50% in FY27 and joseph.cardoso@jpmchase.com

~65%+ in FY29). Importantly, Qualcomm provided evidence as to why it should Manmohanpreet Singh

emerge as a genuine data center winner, anchored by a revenue ramp from $5 bn (1-212) 622-4527

in FY27 to $15 bn+ in FY29 (Sep-end), supported by a broad portfolio of compute manmohanpreet.singh@jpmchase.com

and connectivity products, including differentiated High Bandwidth Compute Marc Vitenzon

(1-212) 622-3342

(HBC), early hyperscaler engagements, as well as the announced acquisition of marc.vitenzon@jpmchase.com

Modular AI, all of which are driving management to frame share ambitions that

Akanksh Chauhan

extend beyond even the guided period to 5%+, implying Data Center revenue of (1-212) 622-0045

~$50 bn within 5 to 7 years. This medium- to long-term bullish case, or at least its akanksh.chauhan@jpmorgan.com

linearity, was partially tempered by a candid acknowledgement of near-term J.P.