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
在 X 查看 ↗