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Qualcomm's stock jumped 5% on Tuesday following fresh analyst attention and renewed investor focus on the company's expanding data-center business, which offers a potential growth avenue beyond its core smartphone market.

StoneX analyst Cody Acree maintained a Buy rating and $270 price target on the stock. This view reflects Qualcomm's recent collaboration with Amazon on customized AI silicon and high-speed optical connectivity solutions for data centers.

Qualcomm projects its data-center business will generate approximately $5 billion in fiscal 2027 revenue, with growth accelerating to more than $15 billion by fiscal 2029. The company also forecasts total non-handset revenue of $40 billion by fiscal 2029 as it expands into automotive, IoT, and adjacent markets.

The diversification effort comes as Qualcomm's handset business faces mounting pressure. In its fiscal third quarter, handset revenue declined 20% year-over-year to $5.09 billion. Acree expects non-handset operations to become a larger driver of Qualcomm's semiconductor business, with investor attention increasingly focused on execution across these emerging markets.