Qualcomm says it expects $4 billion in PC chip sales by 2029, as company gets traction beyond smartphones

Core Insights - Qualcomm expects its internet of things business to exceed $22 billion in sales by 2029, more than quadrupling its current figures [1] - The company aims to diversify its revenue streams beyond smartphones, with significant growth anticipated in automotive and industrial sectors [2][3] Group 1: Internet of Things and Revenue Forecast - Qualcomm's internet of things business is projected to reach around $22 billion by 2029, with $4 billion expected from PC chips [1] - Additional revenue sources include $4 billion from industrial chips, $2 billion from XR headset chips, and $4 billion from other chip sales [3] Group 2: Automotive and Handset Business - Automotive revenues are forecasted to rise approximately 175% to $8 billion by 2029, with 80% of this tied to secured contracts [2] - In fiscal 2024, Qualcomm's handset business generated $24.86 billion, accounting for about 75% of its total chip business [2] Group 3: Market Performance and Risks - Qualcomm shares have increased by 16% this year, lagging behind the Nasdaq's 26% gain [4] - The company has indicated potential risks from Apple possibly ceasing to purchase Qualcomm parts by 2027, but believes that growth in other areas will compensate for this loss [5]