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$QCOM

BULLISH2026-06-22
Price around the call
↑ 2026-06-22
By horizon✗ miss-16.8%
1d
✗ -3.2%
5d
✗ -11.3%
21d
✗ -16.8%
Original post
CK Capital · 2026-06-22

The market is treating $QCOM's data center business like it barely exists. JPMorgan thinks it becomes a $35 billion revenue line by 2031. Six months ago Qualcomm's data center segment was a slide in a deck. Today it is shipping AI racks to a Saudi sovereign at 200MW, building custom silicon for ByteDance, and landing Meta on its server CPU. JPMorgan's Samik Chatterjee now models the segment scaling from over $3 billion in fiscal 2027 to roughly $35 billion by fiscal 2031. He sees non handset revenue going from about $13 billion today to $69 billion by 2031, with data center alone making up about 35% of the entire company. That is not priced in. At all. The stock round-tripped back to the $220s and trades around 21 times earnings, the same multiple it carried as a sleepy phone chip cy

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