Shares of Qualcomm have rocketed 20% in five trading days, climbing from $191.20 on June 10 to $229.76 today, as a cascade of analyst upgrades reframes the company once known for powering smartphones as a serious contender in AI data-center hardware — just eight days before a pivotal Investor Day that could make or break the narrative.
• Wall Street Is Raising Bets at a Pace Rarely Seen
JPMorgan analyst Samik Chatterjee raised his price target to $265 from $160 — a 66% jump in a single move — placing the stock on "Positive Catalyst Watch" ahead of Qualcomm's June 24 Investor Day, where the bank expects new data-center revenue goals. Earlier, Daiwa upgraded Qualcomm to Outperform from Neutral on May 8, raising its target to $225 from $140.
Analyst Louis Miscioscia argued the market is undervaluing Qualcomm's shift from smartphone chip supplier to broader AI infrastructure participant.
• The Numbers Behind the Hype Are Enormous — and Unproven
JPMorgan expects Qualcomm's non-handset revenue to grow at more than 40% annually, rising from roughly $13 billion in fiscal 2026 to about $69 billion by fiscal 2031.
Data centers alone could account for about 35% of total revenue by then. Those projections, however, rest on products that barely ship today: the company only pulled forward its first custom chip shipments to calendar 2026, originally slated for fiscal 2027.
• The Stock Is Cheap Relative to AI Peers — for a Reason
Qualcomm trades at 21.4 times trailing earnings and roughly 4.8 times sales, well below broader semiconductor averages.
Its valuation discount to Nvidia and AMD could shrink if the data-center pivot gains traction , but the bear case is unchanged: handsets still drive most of the economics, and server silicon faces fierce competition from Nvidia, AMD, Intel, and in-house hyperscaler programs.
• June 24 Is the Real Verdict
JPMorgan expects Qualcomm to present a three-pillar data-center strategy built around custom silicon, standard server processors, and dedicated AI accelerators.
Qualcomm reported fiscal Q2 net income up 162% year over year and authorized a new $20 billion buyback , giving management financial ammunition. But the consensus rating among 23 analysts remains a cautious Hold — a reminder that the stock has sprinted well ahead of what most of the Street is willing to endorse.