QCOM · Earnings call · 2026Q3T · Full report

Data Center Demand Trends

QUALCOMM INC/DE · 2026-11-04 · Importance 46 · Surprise 42 · In source text

Qualcomm described data center as a strategic priority and said its business is being built around long-term customer relationships, a broad product portfolio, and an open software ecosystem. It said AWS custom AI-inference silicon began shipping in October, connectivity shipments were scheduled to ramp later in the month, and it had secured a second optical-connectivity customer. The company said its AI250 high-bandwidth compute silicon exceeded expectations for power efficiency and bandwidth, early yields were on track, and it had added two major prospects; it also reported customer interest in Oryon CPUs beyond Meta. Qualcomm said Modular’s open software stack was being optimized for its accelerators and that Modular Cloud was processing tens of trillions of tokens per month. Management said customer orders supported its fiscal 2027 revenue target and continued growth in fiscal 2028, while supply, rather than demand, would constrain upside above the 2027 target.

Key facts

• QUALCOMM INC/DE began shipping custom accelerators in October 2026 and expected its connectivity solutions with AWS to ramp later in November 2026.
• QUALCOMM INC/DE said data center upside beyond its $5 billion fiscal 2027 target would be constrained by supply rather than demand.
• QUALCOMM INC/DE validated its high-bandwidth compute technology in lab trials during the quarter.
• QUALCOMM INC/DE said its AI250 silicon was exceeding expectations for power efficiency and bandwidth, with early yields on track.

Impact estimates