Qualcomm Stock Jumps 15% After Meta Deal
Qualcomm's stock rose 15% on Wednesday. The chip company held an investor day in New York City.
It announced a deal with Meta and new revenue targets. The Meta deal will supply Qualcomm chips to Meta's data centers.
Production starts in late 2028. Qualcomm nearly doubled its revenue goal for 2029.
The new target for non-smartphone revenue is $40 billion by 2029. It also set a $15 billion data center goal and a $10 billion car tech goal.
Smartphones still make up two-thirds of Qualcomm's product revenue today. But the company is pushing hard to grow beyond phones.
Klear Note — Qualcomm makes computer chips used in phones and other devices. Data center chips are a growing business area as companies need more computing power.
Key Terms 4
- Qualcomm US company that makes chips for phones and computers
- Meta US tech company that owns Facebook and Instagram
- data center Large building full of computers that store and process data
- revenue target A goal for how much money a company aims to earn