Qualcomm (QCOM) J.P. Morgan 54th Annual Global Technology, Media and Communications Conference summary

Data center and custom silicon initiatives

• Revenue from custom silicon with a hyperscaler expected to start later this year, with material impact projected for 2027 and beyond.

• Three-pronged data center strategy: custom silicon, CPUs, and AI accelerators, leveraging recent Alphawave acquisition and advanced node expertise.

• CPUs and accelerators to layer into the portfolio over the next couple of years, targeting performance and power efficiency advantages.

• Differentiation based on performance per watt and total cost of ownership, with strong engagement from hyperscalers.

• Competition in custom silicon and accelerators primarily from Broadcom and Marvell, with Qualcomm positioned as a new alternative.

Automotive and ADAS growth

• Snapdragon Digital Chassis includes connectivity, digital cockpit, and autonomous driving chips, with leadership in each segment.

• Recent growth driven by increased ADAS adoption, especially as OEMs move from Level 3 to Level 4 autonomy.

• Cockpit and ADAS content per vehicle is rising, with agentic AI transforming in-car experiences.

• Competitive moat in ADAS comes from integrated solutions, premium standalone chips, and a proprietary ADAS stack.

• Strong relationships with global OEMs, with next-gen chips launching in China later this year.

Physical AI and robotics opportunities

• Robotics seen as a major long-term growth area, leveraging automotive and IoT technology strengths.

• Partnerships with Figure AI, KUKA, Booster, Vingroup, and Neura, with multiple form factors from manufacturing to humanoid robots.

• Material revenue expected in 3–5 years, starting with home and manufacturing robots, followed by warehouse and humanoid robots.

• Silicon content per robot estimated in the $300–$2,000 range, similar to automotive.

• Robotics market expected to evolve rapidly, with significant opportunities as complexity and content increase.