Qualcomm Just Promised $15 Billion in AI Chip Sales, but There’s a Catch: The Chips Don’t Exist Yet

Omor Ibne Ehsan

Fri, June 26, 2026 astatine 12:40 PM CDT 4 min read

Quick Read

• Qualcomm's $15 cardinal AI information halfway people by 2029 rests connected chips that don't vessel until 2028, making investors underwrite a roadmap.

• Nvidia earns $75 cardinal successful information halfway gross per quarter; Micron locked successful HBM4 request done binding contracts connected chips that beryllium today.

• Act now: the expert who called NVIDIA successful 2010 conscionable named his apical 10 AI stocks — and Qualcomm didn't marque the cut. Grab the names FREE today.

Cristiano Amon walked into Qualcomm's (NASDAQ:QCOM) Investor Day connected June 24, 2026 with a fig designed to beryllium repeated.

Over $15 cardinal successful yearly information halfway AI spot income by fiscal 2029, up from $5 cardinal successful 2027, alongside a $40 cardinal non-handset gross people and adjusted EPS supra $18 by that year.

Qualcomm shares roseate 13.3% to 15% successful after-hours trading. Then they handed astir of it back. By the adjacent connected June 25, the banal sat astatine $204.90, down 7.66% from June 22 and disconnected 9.38% implicit the trailing week. The drawback is that the chips powering that $15 cardinal don't beryllium successful shipping signifier yet. Qualcomm's information halfway CPUs travel online successful 2028, with customized AI inference silicon inactive being designed. Investors are underwriting a roadmap.

The mathematics down the committedness

Qualcomm's existent actual concern looks similar this. Total Q2 FY26 gross was $10.599 billion, down 3.46% twelvemonth implicit year, with handsets inactive accounting for $6.024 cardinal of that and falling 13% nether representation proviso constraints and Chinese OEM weakness.

Data halfway gross from the precocious closed Alphawave Semi acquisition isn't separately reported yet. So Amon is telling shareholders that a conception producing astir thing successful fiscal 2026 volition nutrient astir 34% of fiscal 2025's full gross basal 3 years from now.

Act now: the expert who called NVIDIA successful 2010 conscionable named his apical 10 AI stocks — and Qualcomm didn't marque the cut. Grab the names FREE today.

Moreover, Qualcomm announced a $3.92 cardinal banal acquisition of AI bundle steadfast Modular and a multi-year CPU proviso statement with Meta Platforms (NASDAQ:META). The Dragonfly C1000 is acceptable for 2028 accumulation and a Dragonfly AI300 inference portion teased for later. Per the Q2 FY26 filing the hyperscaler engagement is "on way for archetypal shipments aboriginal this calendar year." Thus, this is connection that has not been upgraded to "shipping."

Nvidia's moat is the existent adaptable

Bloomberg Tech's Ed Ludlow laid retired the competitory geometry. "NVIDIA perfectly dominates the marketplace and whatever's left, AMD benignant of comes up and gets the rest," helium said, noting that NVIDIA holds what Bloomberg defines arsenic a method monopoly. NVIDIA (NASDAQ:NVDA) has much than 70% marketplace stock and that some it and AMD vessel caller architectures annually portion Qualcomm's parts are years away.