Qualcomm (NASDAQ: QCOM) Stock Analysis: AI Partnership Fuels Data Center Growth

• Despite a "Market Perform" rating from Bernstein, a "Strong Buy" view from Seeking Alpha highlights Qualcomm's long-term potential, especially in AI.
• Qualcomm's current forward price-to-earnings ratio of 16 may not fully reflect future growth from its data center and robotics sectors.
• A significant AI partnership with Amazon (NASDAQ: AMZN), valued at $60 billion, is poised to drive substantial data center revenue for Qualcomm.

Qualcomm (NASDAQ: QCOM) is a global semiconductor company that designs and markets wireless telecommunications products and services. On September 9, 2026, the analyst firm Bernstein gave the company a Market Perform rating. This rating suggests a hold action, with the stock trading at $174.09 at the time of the announcement.

A Seeking Alpha report offers a different view, giving Qualcomm a Strong Buy rating. It sees the stock's current weakness as a long-term buying opportunity. This is due to major breakthroughs in data center artificial intelligence (AI). The report notes that Qualcomm's shares trade at a forward price-to-earnings ratio of 16.

The forward price-to-earnings (P/E) ratio compares a company's share price to its expected future earnings. A P/E of 16 suggests the current price mainly reflects its mobile business. It may not account for future growth in its data center and robotics sectors, where data center revenue is expected to grow starting in 2027.

A key development is a new multi-generational AI partnership with Amazon, valued at $60 billion, as highlighted by Schwab Network. Qualcomm's CFO, Akash Palkhiwala, called the agreement a "landmark deal" for its data-center business. This partnership supports the company's goal of reaching $15 billion in data-center revenue.

The deal includes customized silicon and optical products, with revenue from Amazon expected in the December quarter. It also involves a warrant agreement tied to Amazon's purchases of up to $60 billion in products over ten years. This gives Amazon the right to buy Qualcomm stock at a set price, linked to its purchase commitments.