Qualcomm Stock Surges 15% on Nearly Doubled 2029 Non-Handset Revenue Projection

Qualcomm shares jumped 15% after the chipmaker nearly doubled its revenue projection for non-smartphone products by 2029, signaling a major shift away from its traditional handset-dependent business model. The company's smartphone segment currently accounts for two-thirds of product revenue, but the ambitious forecast suggests a significant diversification into automotive, IoT, and other edge computing markets.

Why it matters: This represents a critical strategic pivot in the semiconductor industry—Qualcomm's move to reduce smartphone reliance reflects broader industry trends toward AI chips, automotive electronics, and edge computing, impacting how tech companies will compete beyond mobile.