The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
The $60 billion figure does not represent committed revenue. Most of the remaining warrant vesting depends on future commercial agreements, binding purchase orders and actual purchases, although 3.75 million shares vested at issuance based on Amazon's initial purchase commitments. That makes the amount a potential ceiling that depends on successful execution rather than booked sales. Qualcomm's strategy is also focused on AI inference and CPUs, rather than the GPU training market, where Nvidia continues to dominate. The company significantly increased its ambitions in June by raising its fiscal 2029 non-handset revenue target from $22 billion to $40 billion. However, that higher target remains unvalidated by shipped products and revenue-generating volume at scale.
A hyperscaler of Amazon's size choosing to back Qualcomm's custom silicon represents a meaningful vote of confidence in the strategy. However, the revenue opportunity remains tied to future purchase commitments, while the company's ongoing smartphone business faces unresolved erosion concerns. For now, the AWS partnership is an encouraging sign of progress, but it does not yet prove that Qualcomm's broader challenge to Nvidia is succeeding.
The number of hedge funds holding Qualcomm climbed sharply from 71 at the end of the first quarter of 2026 to 95 at the end of the second quarter of 2026. Meanwhile, short interest was only 3.48% of float as of August 14, 2026, pointing to limited bearish pressure. Together, the metrics point to growing confidence in Qualcomm's diversification story.
While we acknowledge the potential of QCOM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.