To: Jim Mullens who wrote (195243 ) 8/16/2025 5:44:51 PM From: Jim Mullens 18 RecommendationsRecommended By
Read Replies (1) | Respond to Akash At JP Morgan- Highlights Outside Forecast TargetsQ- did akash mention items that are not in their forecast targets not yet included in Qualcomm’s formal forecast targets , which is notable given Jim’s focus on modeling upside scenarios and tracking forecast discipline. Here are the key items: Highlights Outside Forecast Targets 1. Personal Agentic AI Devices Akash emphasized a new category of wearable AI devices (glasses, watches, lockets, tabletop assistants). These devices run billion-parameter models on-device. Qualcomm powers nearly all of them—but none of this revenue is included in current forecasts . Quote: “It’s not in any financial forecast for Qualcomm.” 2. Industrial AI Qualcomm sees a long-term transformation from microcontrollers to edge AI in industrial settings. Examples: smart cameras, factory sensors, autonomous inspection. Akash called this a “next 10-year trend” with massive upside. Again, not explicitly modeled in near-term revenue targets . 3. Robotaxis & Physical AI Qualcomm has content in robotaxi platforms, especially ADAS chips. Akash views ADAS as a gateway to robotics, drones, and humanoids. These are incremental opportunities beyond the 20 OEMs already counted in auto forecasts. 4. Data Center Inference Chips Qualcomm is targeting fiscal 2028 for meaningful revenue. Focused on inference workloads, not training. Akash confirmed this is not yet reflected in near-term financial guidance . Implications for Modeling optionality and non-linear upside beyond Qualcomm’s stated targets: Automotive: $8B by FY29 IoT: $14B by FY29 ..... within IoT- PC, XR, Industrial: each targeting $4B by FY29
