Is Qualcomm QCOM's AMD Moment Coming? Value revaluation may have just begun The biggest surprise today is not only Micron, but also Qualcomm QCOM. After Investor Day, QCOM experienced a surge of over 13% in after hours trading. Many people think that Qualcomm is still the company that makes mobile phone chips. But if you carefully watch this Investor Day, you will find that Qualcomm is transforming from a mobile chip company to an infrastructure platform covering edge AI, data center AI, automotive AI, and robot AI. If AMD's biggest turning point back then was the transition from PC CPUs to data centers. So Qualcomm may be experiencing its own 'AMD moment' today. First, let's take a look at the most important data Qualcomm directly raised its FY29 non mobile revenue target from $22 billion to $40 billion. Almost doubled. This includes: Data center revenue exceeds $15 billion Automotive revenue of 10 billion US dollars IoT revenue exceeds $14 billion The management even stated that in the future, the proportion of mobile phone business to revenue will decrease to about one-third. In other words, the market's biggest concern in the past, "over reliance on mobile services," is being completely changed. What really excited me was the second part: Qualcomm officially announced its complete data center strategy. Many people think that Qualcomm is just trying their luck by making CPUs. Actually, it's not. Tony Pialis directly announced that Qualcomm will launch four complete product lines in the next 24 months. 1. CPU 2. AI Accelerator 3. Memory 4. Software Ultimately, a complete Agentic AI infrastructure platform will be formed. This means that Qualcomm is no longer satisfied with selling chips, he wants to do the entire platform. This is also why the management repeatedly emphasizes that in the future, AI computing power will no longer be concentrated only on GPUs, but will be distributed in the cloud, edge devices, automobiles, industrial systems, and robots. This is actually highly consistent with the Agentic AI logic that I have been researching recently. Future AI is not just chatbots. A large number of agents will run simultaneously, and these agents require computing, storage, networking, and edge execution capabilities. Therefore, the entire computing power architecture is being restructured. There is another heavyweight news from Microsoft Microsoft CEO Nadella personally confirmed that Azure has started deploying Qualcomm's High Bandwidth Compute (HBC) solution. Why is it important? Because Qualcomm's approach is completely different from NVIDIA's. NVIDIA is constantly accumulating computing power through GPU and HBM. Qualcomm is attempting to address another issue: the high cost of tokens. The management stated that HBC can achieve extremely high bandwidth efficiency and lower power consumption in inference scenarios by redesigning the memory architecture and breaking through traditional memory walls. Simply put, NVIDIA is responsible for pursuing the strongest performance. Qualcomm is responsible for pursuing the lowest cost. Who will win in the future inference market? I don't know But the market has already given Qualcomm the qualification to enter the table. Another heavyweight news from Meta Meta confirms that it will deploy Qualcomm Dragonfly C1000 CPU in future data centers. And the agreement signed by both parties is a multi generational cooperation agreement. Qualcomm directly revealed that in addition to Meta, two other ultra large scale cloud vendors have signed multi generation ASIC cooperation agreements. And mass production and delivery will begin by the end of this year. This means that Qualcomm's data center revenue is not PPT, but will be realized as early as fiscal year 2027. There is another crucial detail here. The management stated that the custom ASIC business will begin generating meaningful revenue around the first quarter of 2027. This means that the market is likely to continue seeing new customer exposures in the coming quarters. The last key point is Physical AI This may be the part with the lowest market attention, but I believe it is the most noteworthy. Qualcomm has clearly identified robotics and industrial AI as core growth directions for the future. Why? Because in the future, AI is moving from the cloud to the real world. Robots require low-power computing. Industrial equipment requires edge inference. Autonomous driving requires real-time decision-making. And these are precisely the areas where Qualcomm excels the most. So Qualcomm's current story is about edge AI, automotive AI, industrial AI, robot AI, and data center AI all told together. Finally, let me share my opinion Over the past few years, the market has consistently given Qualcomm a valuation as a 'mobile phone company'. But if half of the roadmap given by Investor Day is realized today. What Qualcomm sees in the future is what management says: $1.7 trillion TAM. Even the CFO directly stated that the company has a long-term opportunity to impact $100 billion in annual revenue. Today, Qualcomm's market value is approximately $200 billion, and the management has publicly discussed the possibility of a long-term impact on $100 billion in annual revenue during Investor Day. Do a simple math problem If Qualcomm really achieves a revenue of 100 billion US dollars in the future, even if only given 5 times PS, the corresponding market value would still be 500 billion US dollars. If the net profit margin remains at 25% -30% after maturity, corresponding to a net profit of 25-30 billion US dollars, calculated at 25 times PE, the valuation is also in the range of 600 billion -750 billion US dollars. Of course, it will take time to verify how much the roadmap can ultimately deliver. This sounds crazy. But don't forget. When AMD first entered the data center. Many people also think it's impossible. Until later the market discovered that the value of data center business was much higher than that of PC business. I'm not sure if Qualcomm can replicate AMD in the future. But I am increasingly certain of one thing: the market is still pricing Qualcomm based on a smartphone chip company. And Qualcomm itself is already telling the narrative of edge AI, automotive AI, industrial AI, robot AI, and data center AI. QCOM=Agentic AI+Physical AI+Data Center CPU/ASIC begins to cash in The reassessment of value may have just begun.