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Snapdragon Summit 2026 in Maui where Qualcomm announced new 2-nanometer AI chip launches on September 22
Photo: Analytics Insight

Qualcomm Stock Jumps 9% on Amazon AWS AI Chip Deal

CNBC2 min read5 sources

Why is Qualcomm stock up today?

Qualcomm (QCOM) stock jumped 9.3% on Tuesday as investors repriced the September 8 Amazon AWS AI chip deal worth up to $60 billion, boosted by Snapdragon Summit optimism.

Key numbers

QCOM stock move+9.3%closing at $194.23 on Sept 21
Amazon deal ceiling$60Bin multi-generational AI chip orders over warrant period
QCOM warrant value~$4B25M shares at $161.26 strike, expiring Sept 2036
Non-handset revenue target FY2029$40Bnearly doubled from $22B set in May 2025
Data center revenue target FY2029$15Bup from ~$0.3B in FY2026

What happened

Qualcomm (QCOM) stock jumped 9.3% on Tuesday as investors repriced the September 8 Amazon AWS AI chip deal worth up to $60 billion, boosted by Snapdragon Summit optimism. Under the deal, Amazon earns up to 25 million Qualcomm shares — about $4 billion at the $161.26 strike price — by ordering qualifying custom AI inference chips. The move landed on the opening day of Qualcomm's Snapdragon Summit in Maui, where the company announced new 2-nanometer processors and on-device AI tools. At its June 24 Investor Day, Qualcomm nearly doubled its non-handset revenue target from $22 billion to $40 billion by fiscal 2029.

Why it matters

Qualcomm has long been seen as a smartphone chip company, but this deal signals it is becoming a serious player in the data centers that power AI. If Amazon buys even a fraction of $60 billion in Qualcomm chips over the next decade, it would reshape the company's revenues and cut its dependence on smartphone makers. The $40 billion non-handset target for 2029 shows investors Qualcomm has a credible plan — not just ambition — to compete with Nvidia and Broadcom in the fast-growing AI chip market.

Who this affects

Marketbullish
High impact
AI-chip stocks broadly lifted as QCOM surges 9%.
Companybullish
High impact
Qualcomm shareholders gain a credible path to data-center revenue.
Competitorsmixed
Medium impact
Nvidia and Broadcom face a new rival for AWS chip orders.
Industrybullish
Medium impact
Amazon diversifies AI silicon supply away from a single vendor.

Qualcomm vs Nvidia, Broadcom, AMD

QualcommQCOM~$262B+9.3%17x
NvidiaNVDA—+1.3%24.5x
BroadcomAVGO—+3.0%18.9x
AMDAMD—+10.0%63.7x

As of 2026-09-21

How we got here

  1. Qualcomm sets $22B non-handset FY2029 revenue target at analyst day.

  2. Qualcomm Investor Day: target nearly doubled to $40B, data center plan unveiled.

  3. Qualcomm and Amazon AWS sign $60B AI silicon deal; ~$4B in warrants issued.

  4. AI Infra Summit: Qualcomm presents new high-bandwidth data center CPU lineup.

  5. Snapdragon Summit opens in Maui; QCOM stock jumps 9.3% on deal repricing.

What to watch

  • New chip reveals at Snapdragon Summit Sept 22–24, Maui2026-09-24
  • First Amazon chip revenue confirmed in Q1 FY2027 earnings2027-01-01
  • QCOM FY2026 earnings call for data center revenue updateQ4 2026

Educational content only. Not investment advice.

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