AI Is Probably Underestimated, Qualcomm CEO Says

Company Strategy & Performance - Qualcomm's strategy is executing well, exceeding expectations in various aspects [2] - Qualcomm is expanding beyond handsets into diverse markets, showcasing versatility from 5 watts chips for earbuds to 500 watts chips for data centers [3] - Non-Apple related growth reached approximately 18% in the fiscal year [10] - Qualcomm anticipates $2 billion in revenue by fiscal year 2029 from new ventures, currently ahead of schedule [12] - Qualcomm is a technology competent company, ranking number one in America for patent applications last year [14] Market Trends & Opportunities - The premium tier of the handset market is expanding globally, driving growth for Qualcomm and Android [6][7] - Automotive is experiencing significant year-over-year growth, driven by cars becoming "computers on wheels" and Qualcomm gaining market share [9] - Qualcomm is optimistic about personal AI devices, such as smart glasses, as a new category of mobile devices [11] - The need for compute is increasing across various sectors, including phones, cars, and PCs, creating opportunities for innovation [20] - Morgan Stanley estimates a potential $3 trillion investment in data centers by 2028 [18] AI & Data Center Focus - Qualcomm is focused on the next phase of data centers, particularly inference, emphasizing power efficiency [15][16] - Qualcomm is developing a unique architecture optimized for high compute density and efficient power consumption in data centers [17] - The AI market's long-term traffic potential is likely underestimated [22]