Qualcomm is aiming to expand into new markets and generate an additional $22 billion in annual revenue by 2029. This growth is expected to come from the PC chip market, with projected sales of $4 billion. The company wants to diversify its business model, which has been heavily reliant on smartphone sales.
Qualcomm has introduced its Snapdragon X processors for Windows devices to enter the PC chip market. CEO Cristiano Amon is focused on moving beyond smartphones and leveraging Qualcomm"s technological expertise in industries such as automotive, industrial applications, and virtual reality. The automotive sector alone is projected to see a 175% increase in revenues, reaching $8 billion by 2029.
Qualcomm"s entry into the PC chip market presents an opportunity as the competitive dynamics have shifted, particularly with Apple transitioning to its own silicon. Qualcomm aims to carve out a niche in the PC market by capitalizing on its established technology.
The company is also targeting the XR market, with a forecasted $2 billion in revenue from chips designed for headsets. Qualcomm positions itself as an "edge AI" company, exploring the potential of its mobile chips to run advanced AI applications.
Qualcomm"s strategic expansion reflects its ambition to diversify revenue streams and reduce reliance on the smartphone market. The company remains optimistic about its burgeoning sectors compensating for any potential losses from its dealings with Apple.