Qualcomm jumps 15% after lifting 2029 revenue target to $40 billion
What's new: Meta plans to use Qualcomm's Dragonfly C1000 data-center CPU when production starts in 2028.
Qualcomm shares surged 15% in extended trading Wednesday after the chipmaker nearly doubled its fiscal 2029 target for non-handset revenue to $40 billion from $22 billion. At a presentation for investors, the company also set a goal of $15 billion in 2029 data-center sales and projected adjusted earnings of more than $18 a share, above the $15.26 target compiled by LSEG. Qualcomm earlier introduced its Dragonfly C1000 data-center CPU and said Meta will use the chip when production begins in 2028. The move expands Qualcomm's push beyond smartphones into faster-growing markets including AI infrastructure, autos and robotics.