Qualcomm(US:QCOM) Hua Er Jie Jian Wen·2025-11-11 07:31Core Viewpoint - Qualcomm has gained attention from Wall Street as a potentially undervalued player in the AI semiconductor market, with Morgan Stanley maintaining an "overweight" rating and highlighting its strong growth prospects in diversified markets and AI applications [1][8]. Data Center - Qualcomm's data center strategy focuses on addressing power consumption and memory bandwidth challenges, leveraging its performance advantages validated in mobile and PC markets [3]. - The company plans to launch two key products: the AI 200 chip, expected by the end of 2026, aimed at high energy efficiency, and the AI 250 chip, targeting both power consumption and memory bandwidth issues [3]. - Data center revenue is projected to start growing in fiscal year 2027, initially from AI accelerators/NPU, followed by CPU-related revenue in fiscal year 2028, creating a multi-billion dollar business opportunity [3]. Automotive and PC Business - Qualcomm's diversification strategy has shown results, with automotive and IoT businesses achieving a compound annual growth rate (CAGR) exceeding 20% over the past five years [4]. - The automotive business has seen faster-than-expected growth in chip design orders, with a collaboration with BMW on ADAS solutions set to launch in the U.S. in Q1 2026 [7]. - In the PC market, Qualcomm is approaching a 10% market share in retail channels in the U.S. and Western Europe, with a long-term goal of achieving $4 billion in PC revenue by fiscal year 2029 [7]. AI as a New Focus - The AI sector is emerging as a significant growth area for Qualcomm, with opportunities in XR (extended reality) expected to exceed previous revenue targets set for fiscal year 2029 [7]. Investment Catalyst - A potential catalyst for Qualcomm's growth could be the planned data center-focused investor day in the first half of 2026, where the company may reveal more customer relationships and market opportunities [8].