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Qualcomm Takes Aim at Nvidia in AI Chip Market

Fortune1 min brief

In brief

  • Qualcomm plans to challenge Nvidia's dominance in the AI chip market.
  • Qualcomm's CEO Cristiano Amon presented a five-year plan to investors to increase sales of AI components in data centers.
  • Qualcomm's goal is to make over $15 billion from AI components by 2029.
  • The company also expects to make $40 billion from businesses outside of handsets by 2029.
    • This is double what was forecast two years ago.
  • Qualcomm will offer power-efficient CPUs to stand out in the market.
  • The company's shares went up 15% after the announcement.
  • Qualcomm is also expanding into other areas like automotive and PC chips.
  • The company just bought AI software company Modular for $3.9 billion.
  • Qualcomm will now compete with Nvidia in the AI chip market.
  • Qualcomm will continue to work on its AI chip plans in the coming years.

Read full story at Fortune

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