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Qualcomm's Amazon AWS custom silicon deal gives QCOM a named hyperscaler anchor toward $15 billion in data center revenue by fiscal 2029, yet shares trade at just 34x earnings.
MRVL surged 242% over the past year on hyperscaler custom silicon momentum, which is the exact re-rating QCOM investors have been waiting to trigger.
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Qualcomm (NASDAQ:QCOM) unveiled a multi-generational product collaboration with Amazon (NASDAQ:AMZN) to build next-generation AI data center infrastructure, and the market treated it as validation of a data center pivot investors had been asked to trust on faith.