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Qualcomm closed fiscal 2025 with record QCT chip revenue and $44.3 billion in total sales, but a $5.7 billion non-cash tax charge tied to the One Big Beautiful Bill Act turned the quarter to a GAAP loss.

Qualcomm posted record quarterly revenue of $12.25 billion, then guided below Wall Street as the industry-wide memory shortage squeezed handset makers; the shares fell as much as 10% after hours.

At its Investor Day in New York, Qualcomm raised its fiscal 2029 non-handset revenue target to $40 billion, about twice the old goal, with more than $15 billion from data centers.

Qualcomm will build customised AI inference silicon and up-to-1.6T optical connectivity for Amazon's data centres over several generations, and gave Amazon a warrant for up to 25 million Qualcomm shares vesting against up to $60 billion of purchases.