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High materiality8/10

Qualcomm poised for edge AI shift; potential path to $370 by 2029

Jul 10, 2026, 10:36 AM EDT1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

The article presents a multi-year growth thesis anchored in edge AI adoption, potential margin stability, and buyback-driven EPS upside, suggesting meaningful upside if execution aligns with the thesis.

AI summary

What happened, with direct paths to the underlying reporting

A Trefis analysis argues AI is transitioning from data centers to on-device inference, leveraging Qualcomm's power efficiency and connectivity. The AI200 with LPDDR5X may bypass CoWoS bottlenecks, expanding edge AI opportunities across smartphones, autos, and robotics. If revenue grows toward $65B by 2029 with ~25% margins, EPS could near $17, supporting a higher multiple.

AI moves toward edge computing align Qualcomm's Snapdragon strengths.
AI200 uses LPDDR5X, avoiding CoWoS bottleneck vs Nvidia/AMD.
FY25 revenue about $44B; FY26 consensus near $42.6B.
2029 revenue could reach $65B with ~25% margins; EPS ~ $17.
Stock up ~50% since mid-April; Apple/modem risk and memory shortfall cited.

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