JPMorgan Flags Qualcomm Investor Day as Potential AI Growth Pivot, Sees Data Center Targets Above $3B

JPMorgan analysts are betting that Qualcomm’s upcoming Investor Day on June 24 could become a tangible proving ground for its AI strategy, even as the firm remains cautious on the shares. In a June 5 update summarized in market coverage published June 8, JPMorgan said it added Qualcomm to a “Positive Catalyst Watch,” a label used by analysts to highlight an upcoming event that could produce results exceeding expectations. The note also kept Qualcomm rated Neutral.

JPMorgan’s update centers on what Qualcomm may lay out at the event: data center revenue targets that, according to the analyst view, could exceed $3 billion in fiscal 2027 and $35 billion by fiscal 2031. Alongside those expectations, the firm indicated that it wants evidence the company can execute on its larger AI and diversification plans, rather than relying on potential alone.

In the same coverage, JPMorgan analyst Samik Chatterjee raised his price forecast for Qualcomm to $265 from $160, while continuing to rate the stock Neutral. The “Positive Catalyst Watch” framing was tied to the prospect that the targets discussed at Investor Day could surpass what investors already expect, even though JPMorgan still viewed near-term confirmation as insufficient for a rating upgrade.

The analyst view, as described by market outlets, also breaks the data center story into a three-part approach. That includes custom silicon (specialized chips designed for particular customers), merchant CPUs (off-the-shelf central processing units), and AI accelerators used to run generative AI workloads. JPMorgan’s scenario also points to custom ASICs (application-specific integrated circuits) for hyperscaler customers, followed by accelerator revenue associated with “Humain,” and later CPU revenue linked to “agentic AI” workloads.

Qualcomm’s own Investor Day announcement points to themes that align with that framing, though it does not publish the specific revenue targets JPMorgan is looking for. In its April 30 press release, Qualcomm said President Cristiano Amon and executives will outline the company’s next phase of growth and diversification amid the rapid evolution of AI, including opportunities across gigawatt-scale data centers, industrial AI and physical AI, personal AI for agentic workloads, and 6G as the next generation of wireless.

Beyond data centers, JPMorgan’s market-coverage summary also ties the Investor Day narrative to diversification beyond handsets, including automotive and the Internet of Things. The coverage cited an expectation that Qualcomm could target about $17 billion in automotive revenue by fiscal 2031, supported by continued growth in connectivity and in-vehicle computing applications such as infotainment and advanced driver assistance features.

Still, several specifics remain unconfirmed because Qualcomm has not, in its public Investor Day release, laid out the precise financial targets attributed to JPMorgan’s model. JPMorgan, for its part, kept the Neutral rating, indicating that the investment thesis depends on execution after the presentation, not just on the direction of strategy. What to watch next is what Qualcomm actually discloses on timelines, customer ramp assumptions, and how its AI computing roadmap translates into measurable revenue and margins.