Qualcomm reported 10% year-over-year revenue growth in its fourth quarter of fiscal 2025, driven largely by early demand for its AI inference-optimized SoCs. Earnings before taxes climbed 14% over the prior year period, reflecting initial traction in data center and robotics applications. These results stand out against a 36x price-to-earnings multiple, suggesting room for upside if AI revenue continues to accelerate.

For the first quarter of fiscal 2026, Qualcomm set guidance with a midpoint of $12.2 billion in revenue, representing a projected 5% increase year-over-year. Management highlighted ongoing investments in AI data center infrastructure and next-generation robotics platforms, indicating that mid-single-digit growth rates could give way to stronger gains as new products come to market.

In its Q4 presentation, Qualcomm announced that HUMAIN has signed on as the initial customer for its AI200 and AI250 system-on-chips, marking the first commercial deployment of Qualcomm’s inference-optimized AI hardware. The company forecasts its IoT segment to grow from $6.6 billion in fiscal 2025 to $14 billion over the next four years, an annualized 21% expansion, while its automotive business is expected to more than double over the same timeframe.

Qualcomm’s push into AI data centers and robotics places it in direct competition with established chipmakers that generate billions in quarterly AI revenue. Although competition for enterprise chip deployments is intense, the overall market for AI hardware is expanding rapidly as hyperscale operators and OEMs increase their capital expenditures. Investors will be watching Qualcomm’s ability to deliver performance and cost advantages that can capture a meaningful share of this growing market.