Qualcomm (Qualcomm (QCOM)) shares are surging in Wednesday's after-hours session after the company provided an updated outlook at its 2026 Investor Day. The stock was up 12.75% in extended trading, changing hands at $222.57, according to market data.
At the event, Qualcomm outlined the acceleration of its diversification strategy and announced updated long-term revenue targets. The company now expects non-handset revenue of $40 billion by fiscal 2029, which includes more than $15 billion in data center revenue, more than $14 billion in IoT revenue, and $10 billion in automotive revenue.
“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,” said Cristiano Amon, president and CEO of Qualcomm. “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.”
Alongside the company’s new data center AI infrastructure strategy, Qualcomm announced an expansion into robotics and industrial AI platforms as part of the next wave of physical AI. The company said it’s targeting more than $18 of adjusted earnings per share in fiscal 2029 and anticipates an agent-driven upgrade cycle across the edge in future years.
Qualcomm noted that multiple large markets are reaching inflection points as AI compute becomes increasingly distributed across devices, edge, and cloud. Looking beyond fiscal 2029, Qualcomm sees continued secular growth across data center, robotics, ADAS and autonomous driving, industrial AI, personal AI, and 6G.
