Qualcomm is betting big on data centers as smartphone sales sink

With smartphone sales down about 20 percent versus 2025, Qualcomm said on its Q4 2026 earnings call that it expects data center chips to eventually account for around 30 percent of its business, aided by partnerships with Amazon and Meta announced earlier this year. The company forecasts roughly $650 million in data center revenue in Q1 2027, rising to $5 billion by the end of 2027 and $15 billion by 2029, against total 2026 revenue of $10.4 billion.