Qualcomm (NASDAQ: QCOM) Diversifies Beyond Smartphones: A Deep Dive into AI, Data Centers, and Automotive Growth

• Qualcomm (NASDAQ: QCOM) is strategically expanding its business beyond its traditional smartphone chip market into high-growth sectors like data centers, artificial intelligence (AI), and automotive.
• Analyst firm Susquehanna reiterated a Neutral rating for Qualcomm while raising its price target to $190.00, reflecting optimism about the company's diversification efforts.
• The company projects substantial future revenue from these new segments, targeting $15.00 billion from its data center division and $10.00 billion from its automotive business by fiscal 2029.

Qualcomm (NASDAQ: QCOM) is a global semiconductor company that designs and markets wireless telecommunications products and services. It is primarily known for making chips for smartphones. The company's stock currently trades at $197.41, with a total market value, or market capitalization, of approximately $208.07 billion.

On June 25, 2026, the analyst firm Susquehanna reiterated its Neutral grade for Qualcomm, with a recommendation to hold the stock. The firm also raised its price target, which is an analyst's projection of a stock's future price, to $190.00 from a previous target of $160.00.

This analyst action follows recent company announcements about its business strategy. As highlighted by Barrons, Qualcomm is diversifying beyond its main smartphone chip business. The company is forming new partnerships with major technology customers like Microsoft (NASDAQ: MSFT) and Meta Platforms (NASDAQ: META) to grow its presence in data centers and artificial intelligence (AI).

At an investor presentation, Qualcomm announced new financial goals for these other business areas. The company forecasts $15.00 billion in sales from its data center division by 2029. It also raised its total revenue outlook for chips outside its traditional smartphone business to $40.00 billion by 2029.

As reported by Businesswire, Qualcomm is also seeing growth in its automotive business. It now targets $10.00 billion in revenue for that sector by fiscal 2029. This goal is supported by an expanding design-win pipeline of $65.00 billion, which represents potential future revenue from products that customers have committed to using.