Qualcomm is betting big on data centers as smartphone sales sink

Qualcomm plans to increase its data center business to 30% of its revenue by 2029, with a projected $5 billion in data center revenue by the end of 2027 and $15 billion by 2029, after forecasting $650 million in data center revenue in the first quarter of 2027. The company is looking to make a splash in the AI data center business, partnering with companies like Amazon and Meta. Qualcomm's total revenue for 2026 was $10.4 billion.