Qualcomm Targets Over $15B in Data Center AI Sales by 2029, Challenges Nvidia

According to Fortune, Qualcomm CEO Cristiano Amon unveiled new AI accelerators and CPU products on Wednesday, positioning the company to challenge Nvidia's dominance in data center AI chips. The company targets over $15 billion in annual data center AI component sales by fiscal 2029. Qualcomm stock rose 15% on Wednesday but largely retreated by Friday amid broader tech selloff.

Qualcomm also announced a $3.9 billion acquisition of AI software company Modular to compete with Nvidia's CUDA platform, which has helped lock developers into Nvidia's ecosystem. Amon emphasized the company's engineering culture and willingness to pursue transformation in AI and data centers.

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