Qualcomm faces smartphone headwinds as data center push takes shape

Qualcomm reports fiscal Q4 Wednesday. Smartphone chip revenue expected down 25% to $5.2 billion as Apple modem substitution accelerates and Android shipments drop 19%. Data center chips are the wild card, with $5 billion revenue target for fiscal 2027 and over $15 billion for fiscal 2029. Automotive chips rose 60% to $1.7 billion. Shares fell 11.3% in three days amid tech selloff.