Qualcomm forecasts $15 billion data center chip sales by 2029

Qualcomm said it expects to generate $15 billion in sales from its data center business by 2029 as it moves beyond its core smartphone chips, sending shares more than 12% higher in after-hours trading on Wednesday.

Chief Financial Officer Akash Palkhiwala said at an investor presentation that the data center business will bring in $5 billion for fiscal 2027, with $1 billion coming from the new custom-chip customers.