Amazon이 Qualcomm과 협력하여 AI 칩을 개발했으며, Qualcomm의 주가 전망을 상향 조정하고 hyperscaler 추론 워크로드용 칩 공급을 다각화했습니다.
Qualcomm is accelerating its entry into the AI data center market, and a multi-year partnership with Amazon Web Services announced on September 8 signals a major shift in the chipmaker's strategic focus. The two companies will jointly develop custom chips for large AI data centers and advance high-speed optical interconnect technology.
What makes this partnership significant extends beyond a typical vendor-customer relationship. According to Qualcomm's 8-K filing with the SEC, an Amazon affiliate obtained warrants to purchase up to 25 million shares of Qualcomm common stock at an exercise price of $161.26 per share, expiring September 3, 2036—a potential $4.03 billion commitment at full exercise. The real market signal here is not the warrants themselves, but Amazon's willingness to tie its long-term procurement plans to Qualcomm's data center products.
Unlike Nvidia, which dominates through GPU-centric platforms, Qualcomm is entering the market through custom chips with a strategic focus on AI inference. Inference—the process where trained AI models process user requests in real-world applications—has become increasingly critical as the industry shifts from model training to large-scale commercial deployment. Hyperscale cloud providers are actively seeking more efficient and cost-effective computing solutions for these workloads.
Under the partnership, Qualcomm will co-develop multiple chip generations to power Amazon's AI infrastructure while collaborating on data center optical interconnect products supporting speeds up to 1.6 Tbps. This positions Qualcomm not merely as a chip supplier but as a provider spanning both compute and connectivity segments. For AWS, custom chips optimize workloads and reduce reliance on general-purpose processors. For Qualcomm, it provides a tangible entry point to expand from smartphone chips into the data center market.
Qualcomm CFO Akash Palkhiwala stated the company expects revenue from this partnership as early as the quarter ending December, noting it is central to Qualcomm's goal of achieving $15 billion in data center revenue by fiscal 2029. Management has previously expressed confidence in reaching $5 billion by fiscal 2027; successful production at Amazon could substantially improve those odds.
Qualcomm is actively dismantling its dependence on mobile phones. In June, the company launched its Dragonwing series of data center CPUs with Meta planning adoption upon production release. Simultaneous efforts include collaborating with Saudi Arabia's Humain on AI accelerators and advancing other data center products. This positions Qualcomm with a differentiated AI infrastructure strategy: server CPUs on one axis, AI accelerator penetration on another, and expansion through custom silicon and high-speed connectivity.
The addressable market is substantial. Bank of America projects the global data center CPU market expanding from approximately $27 billion in 2025 to over $60 billion by 2030. As AI workloads grow, the division of labor among CPUs, GPUs, and custom accelerators is being realigned. Meta and Amazon, among others, continue aggressive AI infrastructure investment. Qualcomm's successful AWS deal signals that hyperscalers are willing to entrust core AI computing tasks to a new vendor. Notably, Qualcomm's CFO revealed the company has secured another hyperscale cloud provider partnership—not yet officially announced—with a collaboration model similar to Amazon's, suggesting further announcements could strengthen market expectations for its data center business.
**Technical Outlook**
On September 8, QCOM rose 3.17% to $174.09 on volume of approximately 26.13 million shares. The stock broke above the downtrend line extending from its $259.89 peak and cleared the 0.236 Fibonacci level at $170.52, signaling improvement in the months-long decline. However, after touching an intraday high of $183.49, it retreated significantly and closed below the 60-day moving average of $175.89—a high-and-retreat pattern indicating strong selling pressure in the $175–$183 range. The 20-day moving average at $164.62 remains below the 60-day line, suggesting the medium-term trend has not yet reversed conclusively.
Momentum indicators are encouraging. The 14-day RSI rose to 58.92, exceeding both the signal line at 49.23 and the 50 centerline, indicating strengthening buying power without yet reaching overbought conditions.
Upside resistance lies between $175.89 and $183.49. A close above $183.50 on heavy volume could target $190, followed by the 0.5 Fibonacci level at $201.40. Only a sustained break above the $200–$201 range would enable further advances toward $215.20. Downside support sits at $170.52; holding above this level preserves the rebound structure. A break below $170 could test the 20-day average at $164.62; a break of $164 on heavy volume would expose downside risk toward $155 and the prior low of $142.91.