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FollowingCore Points
Qualcomm and Amazon have entered into a comprehensive partnership to jointly develop dedicated processors for AI reasoning and advanced 1.6 Tbps optical network infrastructure. Boosted by the news, Qualcomm's share price rose more than 9% in pre-market trading, with the highest intraday gain of 10%. Under the terms of the agreement, Amazon will receive a warrant allowing it to purchase up to 25 million shares of Qualcomm stock at $161.26 per share, with a total value of approximately $4 billion.
Competitive landscape with Broadcom and Marvell
The partnership aims to help Qualcomm reduce its reliance on the smartphone business and accelerate its expansion in the data center space. Currently, the customized AI semiconductor market is mainly dominated by Broadcom and Marvell. However, as Amazon seeks to diversify its supply chain, Qualcomm is expected to occupy a favorable position in this area. Analysts are cautiously optimistic about the partnership, with target prices ranging from $165 to $400.
Financial details and warrant agreement
Qualcomm will grant Amazon a warrant that will allow it to purchase up to 25 million QCOM shares at a price of $161.26 per share. Among them, 3.75 million shares were initially effective immediately, and the warrant was valid until 2036. To achieve full exercise, Amazon may need to invest as much as $60 billion in Qualcomm's products and services within ten years. Bernstein analysts pointed out that the agreement provides significant guarantees for Qualcomm to achieve its financial goals, but does not exceed current forecasts. This arrangement is similar to the cooperation model between AMD and OpenAI, which binds the supplier relationship through large-scale procurement agreements.
Background and Market Impact of Strategic Cooperation
Several months ago, Qualcomm CEO Cristiano Amon hinted that he would reach an important cooperation with a large and ultra-large cloud service provider. On September 8, the mystery was revealed: the partner was Amazon. Both parties will focus on developing specialized AI processors and advanced optical networking infrastructure for AWS data centers. The cooperation also includes leveraging the technical expertise gained by Qualcomm from its $2.4 billion acquisition of Alphawave Semi in December 2025 to provide optical connectivity capabilities of up to 1.6 terabits per second.
In addition, Qualcomm plans to expand its use of AWS services, including Amazon Bedrock, to accelerate the semiconductor development process. This creates a mutually beneficial relationship, with the two companies serving each other as suppliers and suppliers. For Qualcomm, this will not only help offset the negative impact of the weak smartphone market, but also drive its data center revenue goals. Qualcomm has set a goal of achieving more than US$15 billion in data center revenue in fiscal year 2029, a significant increase from the US$5 billion expected for fiscal year 2027. In June last year, the company raised its fiscal year 2029 non-mobile revenue target to US$40 billion from the previous US$22 billion.
It is predicted that ASIC-based AI servers will account for 27.8% of overall AI server deliveries in 2026, and their expansion rate is almost three times faster than GPU-based servers. In terms of market reaction, Bernstein maintained its "outperform" rating with a target price of US$165;Baird raised its target price to US$400, maintaining its "outperform" recommendation;Rosenblatt initiate covered and gave a "buy" rating with a target price of US$235. As of the latest trading data, Qualcomm's share price closed at US$174.09.
