Qualcomm Eyes $22 Billion in New Revenues by 2029

Qualcomm projects significant growth in diverse markets beyond smartphones, targeting $22 billion in new market revenues by 2029, including $4 billion from PC chips and $8 billion from automotive chips. The company aims to capitalize on its Snapdragon X processor for Windows devices and partnerships with major companies like General Motors and Microsoft to expand in the automotive and PC sectors. Despite potential U.S.-China trade tensions and tariffs, Qualcomm remains optimistic about its business in China, which currently generates 46% of its revenue, and expects continued growth in automotive chip sales. CEO Cristiano Amon, who took office in 2021, emphasizes diversification in response to potential future losses from Apple, which may stop purchasing Qualcomm parts by 2027. Qualcomm's shares have risen 16% this year; however, its growth trails behind the Nasdaq's 26% increase. The company aims to address a $900 billion market opportunity by 2030 through its expanded ecosystem.