Qualcomm Incorporated (NASDAQ: QCOM) used its 2026 Investor Day to unveil an accelerated diversification strategy spanning data centers, automotive, robotics, and industrial AI platforms.
The company raised its fiscal 2029 non-handset revenue target to $40 billion, roughly double its previously stated goal, signaling a dramatic shift in business composition.
A newly announced data center AI infrastructure strategy carries a revenue target of more than $15 billion by fiscal 2029, marking Qualcomm’s most aggressive push yet into that competitive market.
Automotive ambitions were also expanded, with the design-win pipeline growing to $65 billion and a revenue target of $10 billion by fiscal 2029 now firmly on the table.
IoT revenues are projected to exceed $14 billion by fiscal 2029, broken down into $8 billion from industrial, networking, and robotics, and $6 billion from personal AI and compute.
Qualcomm now expects handsets to represent approximately one-third of its QCT semiconductor revenues by fiscal 2029, down significantly from their current dominance of the business.
President and CEO Cristiano Amon framed the moment as a fundamental transformation, stating “We are defining Qualcomm’s next chapter as we accelerate our edge diversification strategy, introduce a comprehensive roadmap for next-generation AI data centers, and evolve into a platform company.”
Amon added that “our presence across the entire compute continuum and unparalleled technology capabilities, in low-power computing, AI and connectivity put us in a strong position to capture these opportunities.”
The company identified multiple large markets approaching inflection points over the next three to five years, including agent-ready edge devices, data center infrastructure, automotive, industrial systems, networking, and robotics.
Together, those markets represent a combined total addressable market of approximately $1.7 trillion by 2030, according to figures presented at the event.
Qualcomm set a non-GAAP diluted earnings per share target of more than $18 for fiscal 2029, compared to a GAAP diluted EPS target of more than $14.50 for the same period.
Looking beyond fiscal 2029, the company pointed to continued secular growth across data center, robotics, ADAS and autonomous driving, industrial AI, personal AI, and 6G as key long-term drivers.
Agentic AI is expected to trigger a new upgrade cycle across intelligent connected devices, adding another potential revenue catalyst to Qualcomm’s long-term outlook.
The strategy presentation was delivered by Amon alongside CFO and COO Akash Palkhiwala, EVP and GM of Data Center Tony Pialis, and EVP and Group GM of Automotive, Industrial and Embedded IoT, and Robotics Nakul Duggal.
