On September 9, Qualcomm rose 3.01% in regular trading, trading at $178.99/share with turnover of $175 million, as the market continued to digest the landmark partnership with Amazon announced the prior session.

Qualcomm and Amazon have entered a multi-generational strategic collaboration to develop custom AI inference chips and co-develop optical interconnect solutions at 1.6T and higher specifications for AWS data center infrastructure. The potential procurement scale reaches up to $60 billion over a 10-year period. As part of the deal, Qualcomm issued warrants to an Amazon affiliate for up to 25 million shares at an exercise price of $161.26/share, expiring in 2036, with 3.75 million warrants vesting immediately. Qualcomm's CFO stated at a Goldman Sachs conference that revenue from the Amazon deal is expected to begin in December, driving strong year-over-year revenue growth in fiscal 2027-2028, and expressed high confidence in the $5 billion data center revenue target for fiscal 2027.

Additionally, RBC raised its price target on Qualcomm to $180 from $160 while maintaining a Sector Perform rating. The consensus mean price target stands at $202.99.

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