Qualcomm's AMD-style rerate is possible but on a two-year delay, report argues
pdamodaran · x · 2026-10-14
A DalalBytes report rates Qualcomm 75/100, arguing the AI edge thesis could mirror AMD's rerate with key ingredients already in place: the HUMAIN 200MW AI200 rack contract, Amazon custom silicon with warrants tied to up to $60B in purchases, a $7B annualized auto run rate, and the cheapest AI-adjacent multiple in large-cap semis (13.6x FY2028E EPS, $12.8B FCF). The missing piece is the FY2027 EPS air pocket as Apple's modem revenue exits (iPhone 18 Pro already uses Apple's C2 modem). Targets for FY2029: Bear $140 / Base $290 / Bull $430.
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