Qualcomm(US:QCOM) 智通财经网·2025-11-07 02:37Core Insights - Qualcomm is excited about entering the data center market, viewing it as a "new chapter" in its diversification strategy, with a focus on energy efficiency as its core competitive advantage [1][2][3] - The company is developing a highly competitive energy-efficient CPU for AI clusters and a new architecture specifically designed for AI inference, with the AI 200 and AI 250 chips and accelerator card solutions being key developments [1][2][3] - Qualcomm has engaged in discussions with a "hyperscale" customer and is satisfied with the outcomes, with more details to be shared in future data center roadmap updates [1][3] Data Center Strategy - The company aims to achieve the highest computational density with the lowest cost and energy consumption, differentiating its approach from traditional GPU and HBM memory combinations [8] - Qualcomm anticipates significant revenue growth in the data center business starting from fiscal year 2027, accelerated by partnerships and advancements in AI accelerators [4][12] - The company is receiving widespread market interest due to the current limitations in power consumption and computational density in data centers [4] Customer Relationships - Qualcomm maintains a strong relationship with its major Android customer, Samsung, with a target market share of 75%, despite fluctuations in share [3][5] - The company expects to see continued growth in its mobile business driven by high-end Android devices, with a projected revenue increase of approximately 11%-13% quarter-over-quarter [6][10] Financial Performance - Qualcomm's QCT division reported a 5% year-over-year revenue growth, although profit margins declined by over 100 basis points due to increased investments in the data center sector [12] - The company is focusing on shifting operational expenditures from mature businesses to high-growth areas, impacting current profit margins [12] Market Trends - The high-end Android smartphone market is expanding, contributing to healthy growth for Qualcomm's Snapdragon platform, with a notable increase in average selling prices (ASP) driven by consumer demand for more powerful devices [9][10] - The company observes a long-term trend of consumers opting for higher-end devices, which is expected to continue driving revenue growth [9]