아마존, 퀄컴과 600억 달러 규모의 다세대 맞춤형 AI 가속기 계약 체결, 표준 GPU에서 상당한 추론 워크로드 이전

Patrick Moorhead, CEO and founder of MoorInsightsStrategy, described the agreement between Qualcomm Inc. (NASDAQ: QCOM) and Amazon.com Inc.’s (NASDAQ: AMZN) Amazon Web Services as a “net-net huge $QCOM win.” The partnership marks a strategic expansion for the semiconductor company into data center compute, while simultaneously diversifying its revenue streams away from reliance on Apple Inc. (NASDAQ: AAPL) products.

Under the terms outlined in a strategic SEC filing, Amazon secured a ten-year warrant expiring September 3, 2036, granting the option to purchase up to 25 million Qualcomm common shares at an exercise price of $161.26 per share. The vesting structure covers up to $60 billion in commercial payments, with an initial tranche of 3.75 million shares vesting immediately upon issuance based on binding commitments.

Moorhead clarified that the arrangement “does not establish a guaranteed $60 billion order,” but rather encompasses custom silicon designed for artificial intelligence inference and optical connectivity capable of reaching speeds up to 1.6 Terabits. Furthermore, Qualcomm will utilize AWS Bedrock infrastructure to accelerate and shorten its chip design cycles.

The collaboration underscores Qualcomm’s broader initiative to grow beyond mobile processors. Moorhead highlighted that “for Qualcomm, Amazon adds evidence behind its diversification as Apple product revenue declines. The next test is converting this relationship into sustained revenue and operating profit. Net-net huge $QCOM win.” The partnership directly supports Qualcomm’s objective of generating over $15 billion in data center revenue. Management had previously forecasted that two custom-silicon hyperscaler clients would each contribute more than $1 billion in fiscal year 2027. However, early custom chip deployments are expected to dilute Qualcomm Technologies (QCT) gross margins by 1.5 to 2 percentage points, though they remain accretive at the operating level.

Daniel Newman, CEO of Futurum Group, told Schwab Network that securing AWS as an anchor customer delivers “much-needed good news” that should “quiet the skeptics” questioning Qualcomm’s entry into the data center market. Newman emphasized that the deal reflects a broader industry-wide capacity crunch where “nobody has enough compute,” positioning Qualcomm as a “highly capable partner” alongside Amazon’s existing internal chips and merchant silicon. He added that the alliance reinforces Qualcomm’s trajectory within an AI capital expenditure market projected to reach up to $14 trillion by 2030.

Regarding QCOM’s market performance in 2026, the stock was trading 0.04% higher in Wednesday premarket action. It has gained 1.78% year-to-date, advanced 8.64% over the past year, and risen 28.30% over the last six months, following a 3.17% close at $174.09 per share on Tuesday. Benzinga’s Edge Stock Rankings indicate that QCOM maintains strong price trends across both long and short timeframes, though it shows a weak medium-term trend and a poor growth score.

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