Qualcomm announced at its Investor Day on June 24, 2026 its strategy to expand into AI infrastructure, unveiling the Dragonfly C1000 server processor and a multi-generational agreement with Meta Platforms. The company targets over $15 billion in data center revenue by fiscal 2029 and raised its non-handset revenue goal to $40 billion for the same fiscal year, up from the previous target of $22 billion. The Dragonfly C1000 processor integrates over 250 Oryon cores, runs at frequencies above 5 GHz, and promises more than double the performance per watt compared to competing server CPUs, with volume production scheduled for the second half of 2028. Microsoft is also expected to deploy Qualcomm’s High Bandwidth Compute chips, and additional unnamed hyperscalers are likely to contribute to custom-chip revenue before the end of 2026. Qualcomm shares jumped more than 12% in after-hours trading, signaling that investors were not fully pricing in this data center potential.
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