Qualcomm designs Snapdragon and Dragonwing chip platforms, develops data-center AI systems, and licenses wireless technology patents.
Smartphone weakness driven by memory supply/pricing not demand — $1.50 earnings power returns when market normalizes. Diversification accelerating: automotive exit rate $1B higher for FY27, data center $5B FY27 ramping to $15B FY29 with two hyperscaler custom deals (one US, one China), plus Modular acquisition solving software stack for edge-to-cloud AI.