Qualcomm's data center business is suddenly taking off! Could the next stop for AI investment be about more than just NVIDIA?

AI investors have focused on GPUs, as if the AI world couldn't open for business without them. But future data centers will need more than GPUs: they'll also need CPUs, network connectivity, power management, and complete computing platforms.
Qualcomm is expanding its data center footprint and has set a target of generating more than $15 billion in data center revenue in fiscal 2029. This shows the company isn't content with making only smartphone chips; it wants to extend its reach from personal devices all the way to cloud infrastructure.
Of course, this won't be easy. The data center market is fiercely competitive, customer qualification cycles are long, and product performance, ecosystem compatibility, and delivery capabilities will all be put to the test.
But I see this as a positive sign: Qualcomm is looking for its second and third growth engines beyond smartphones. Investing isn't just about how many bowls of rice you've sold in the past; it's also about whether you can open new restaurants in the future. As long as the new businesses gradually generate orders and revenue, there's a chance Qualcomm's valuation story could change. Of course, targets aren't results—execution is what really counts!$AAPL

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