TRANSSION

Data center ramps from FY27, with Q1 revenue over $650mn and the full-year $5bn target reaffirmed, lifting non-handset QCT revenue by over 60% YoY.

However, the handset market next year looks flat to slightly down, and price increases will not be fully reflected in GPM until 2H. Meanwhile, the company is betting on $15bn in data center revenue by FY29 via partnerships with AWS and SpaceX.