Qualcomm (NASDAQ:QCOM) is a business that many people thought they understood. It made the chips inside Android phones. It collected fees from phone makers who used its wireless technology. That was all they knew about the business. So when Apple decided to stop using Qualcomm's parts and build its own. This made a lot of investors nervy. What else did Qualcomm have?
高通（納斯達克：QCOM）是一家許多人自以為瞭解的企業。它生產Android手機內部的晶片，並向使用其無線技術的手機製造商收取費用。人們對這家公司的瞭解僅限於此。因此，當蘋果決定停止使用高通的零部件並開始自主研發時，許多投資者感到緊張不安：高通還有什麼業務？
Well, as it turns out, a lot. Wall Street, all of a sudden, is now taking the firm much more seriously.
事實證明，高通擁有的遠不止這些。華爾街突然之間開始更加認真地看待這家公司。
In just a few weeks, the company recorded some milestones. It landed its biggest AI deal ever, broke records in its car business, and held a major event in New York where it laid out an entirely new vision for the future. This led to bank after bank rushing to raise their price targets for their shares.
短短幾周內，該公司就取得了一些重要里程碑：達成了有史以來最大的人工智慧交易，在汽車業務方面創下紀錄，並在紐約舉辦了一場重要活動，全面闡述了公司未來的全新願景。這促使多家投行紛紛上調其股票的目標價。
The Phone Business Was Always Plan A. Now There's a Plan B, C, and D.
手機業務始終是A計劃。如今，高通又有了B計劃、C計劃和D計劃。
Qualcomm actually never stopped making phone chips. Its Snapdragon processors still power most Android smartphones. Meanwhile, in the last couple of years, the company has been building businesses in other industries. This includes cars, laptops, and factory equipment. The most recent, eye-catching one, AI data centers.
事實上，高通從未停止過手機晶片的製造。其驍龍處理器仍在為大多數Android智能手機提供動力。與此同時，在過去幾年裡，公司一直在拓展其他行業的業務，包括汽車、筆記本電腦和工廠設備。其中最新、最引人注目的是人工智慧數據中心業務。
The whole point was not to be dependent on just one business. This is because the smartphone sales are not growing as the way it should, and one big customer leaving (like the way Apple did) can hurt the business badly.
這一切的核心目的就是不再依賴單一業務。因為智能手機銷量並未如預期般增長，而一旦失去一個大客戶（比如蘋果那樣），就可能對公司造成嚴重打擊。
Now, those new businesses are doing well. In the most recent quarter, Qualcomm made $10.6 billion in total revenue. The firm also made $1.33 billion just from selling chips to automakers. And this was 38% higher than the same period last year.
如今，這些新業務表現良好。在最近一個季度，高通的總營收達到$106億。僅向汽車製造商銷售晶片一項，就帶來了$13.3億的收入，較去年同期增長了38%。
This is thanks to Qualcomm's chips, which are being built into modern cars to power things like navigation, driver assistance, in-car entertainment, and connectivity. Its partnership with Stellantis, the company manufacturing Jeep, Ram, and Chrysler, is a key part of why the numbers are climbing.
這得益於高通的晶片被整合到現代汽車中，用於驅動導航系統、駕駛輔助、車載娛樂和聯網功能。高通與Stellantis（旗下擁有Jeep、Ram和克萊斯勒品牌）的合作是推動業績上升的關鍵因素之一。
The TikTok Deal That Shocked the Market
震驚市場的TikTok交易
Major news came in recently for Qualcomm. ByteDance, the Chinese company that owns TikTok, agreed to buy millions of Qualcomm's custom-made AI chips to power its data centers. As a result, the stock shot up by 12% in a single day.
高通近期迎來重大利多消息。中國公司ByteDance（TikTok母公司）同意採購數百萬顆高通定製的人工智慧晶片，用於其數據中心。受此消息推動，高通股價單日飆升12%。
ByteDance wasn't a small customer. The company literally runs some of the most-used apps in the world and needs enough computing power to do it. Having them sign on was so important for Qualcomm. It told the industry that the company now has a major hold in AI data centers.
字節跳動並非一個小客戶。該公司運營著一些全球使用最廣泛的應用程序，需要龐大的計算能力來支撐其運行。字節跳動的簽約對高通而言至關重要，這向整個行業表明，高通如今已在人工智慧數據中心領域佔據了重要地位。
The Big New York Event That Changed Everything
那場改變一切的紐約大型活動
Qualcomm's Investor Day on June 24 in New York was also defining for the company. The firm's CEO, Cristiano Amon, came in with numbers that nobody expected.
高通於6月24日在紐約舉辦的投資者日活動對公司同樣具有決定性意義。公司首席執行長Cristiano Amon帶來了出乎所有人意料的數據。
The company said that by 2029, revenue from every other business apart from phones would hit $40 billion. That's basically double what they had initially promised. And within that, data centers alone are expected to bring in about $15 billion a year.
該公司表示，到2029年，除手機以外所有其他業務的收入將達到$400億，這幾乎是其最初承諾目標的兩倍。其中，僅數據中心一項預計每年就能帶來約$150億的收入。
Here's what the firm announced at the event:
該公司在活動上宣佈了以下內容：
Qualcomm revealed something they called the Dragonfly C1000, a new processor built just for AI work. The device was designed for the kind of thinking AI systems do, like managing lots of tasks at once, handling complex instructions, among others. Notably, this is the type of work that Nvidia's chips, which are supposedly the "best" in AI data centers, aren't perfectly suited for. The firm is looking to take advantage of that. The chip goes into production in 2028.
高通發佈了一款名為Dragonfly C1000的新處理器，專為人工智慧工作負載而設計。該設備針對人工智慧系統所需的運算類型進行了優化，例如同時處理大量任務、執行復雜指令等。值得注意的是，這類工作恰好不是輝達晶片（目前被普遍認為是人工智慧數據中心領域的「最佳」晶片）最擅長的領域。高通正試圖利用這一差距。該晶片將於2028年投入生產。
The CEO of Meta, Mark Zuckerberg, showed up at Qualcomm's event to announce that Meta had signed an agreement to use the firm's new chips in its own data centers. I personally think someone running a company worth over a trillion dollars flying in to endorse your product in person is a big deal.
Meta首席執行長馬克·祖克柏現身高通的活動，宣佈Meta已簽署協議，將在其自有數據中心中採用高通的新晶片。我個人認為，一位掌管市值超兆美元公司的高管親自飛來現場為你的產品背書，這絕對是一件大事。
Qualcomm also bought a startup called Modular for about $3.9 billion. This is also important because one of the reasons Nvidia has been so hard to beat is that virtually all the AI developers in the world learnt how to write code just for Nvidia's system. Modular, on the other hand, makes software that lets AI run on any chip, not just Nvidia's.
高通還以約$39億的價格收購了一家名為Modular的初創公司。此舉同樣意義重大，因為輝達之所以難以被超越，原因之一在於全球幾乎所有人工智慧開發者都學會了專門為輝達的系統編寫代碼。而Modular開發的軟件則能讓人工智慧在任何晶片上運行，而不僅限於輝達的晶片。
On top of everything else, Qualcomm raised its goal for automotive revenue to $10 billion by 2029. This is given that they just hit a record $1.33 billion in a single quarter;
除此之外，高通還將2029年汽車業務收入目標上調至$100億，而此前該公司剛剛在單個季度創下了$13.3億的紀錄；
What Wall Street is Saying
華爾街的看法
The response to all this news from Wall Street was incredible. Within days, price targets were flying higher across the board.
華爾街對所有這些消息的反應令人難以置信。短短幾天內，各公司的目標價普遍大幅上調。
UBS went from $170 to $235. RBC Capital from $175 to $250. Benchmark raised its target all the way to $300. JPMorgan, which had already been bullish way before the event, pushed its target to $265. Morgan Stanley, which had a Sell rating, switched to neutral and raised its target from $146 to $231. The firm even admitted to being totally wrong on the stock.
UBS將目標價從$170上調至$235。RBC Capital從$175上調至$250。Benchmark將其目標價一路提高至$300。摩根大通此前早已看漲該股，在事件發生後進一步將目標價上調至$265。摩根士丹利此前給予該股「賣出」評級，現已轉為「中性」，並將目標價從$146上調至$231。該公司甚至承認自己對該股票的判斷完全錯誤。
I think that's a big deal. Analysts don't like admitting they were wrong. But it wasn't all bullish targets. Some firms raised their numbers while keeping cautious ratings.
我認為這是一件大事。分析師通常不喜歡承認自己錯了。但並非所有機構都給出了看漲的目標價。一些公司雖然上調了目標價，但仍保持謹慎的評級。
For example, Barclays lifted its target to $245 but still told clients that it still saw the company as a "show-me story." This means they want to see the company actually deliver on what it's promising before they fully commit. The overall analyst rating is still a "Hold," with about twice as many cautious analysts as bullish ones.
例如，巴克萊銀行將其目標價上調至$245，但仍告訴客戶，其仍視該公司為一個「用行動證明給我看」的故事。這意味著他們希望看到公司真正兌現其承諾後，才會全面投入。目前整體分析師評級仍為「持有」，其中持謹慎態度的分析師人數大約是看漲分析師的兩倍。
Is the Stock Expensive?
該股票是否昂貴？
I don't think it is, at least not by the standards of the chip industry. Qualcomm trades at a much cheaper valuation than most of its peers, despite a strong rally in 2026. Other semiconductor companies trade at much higher price-to-earnings ratios.
我認為並不貴，至少以晶片行業的標準來看並非如此。儘管高通在2026年已經經歷了一輪強勁上漲，但其估值仍遠低於大多數同行。其他半導體公司的市盈率要高得多。
Qualcomm still has a "prove it" discount baked into its price, which means if the company hits its targets, there could be more room to run.
高通的股價中仍包含一種「證明給我看」的折價，這意味著如果公司能夠實現其目標，股價仍有進一步上漲的空間。
The company is also giving money back to shareholders in the meantime. It launched a $20 billion share buyback earlier in 2026 and raised its dividend, now paying out $3.68 per share annually. This is a yield that's higher than most other chip companies.
與此同時，該公司也在向股東返還資金。它在2026年初啓動了一項$200億的股票回購計劃，並提高了股息，目前每年每股派發$3.68。這一股息收益率高於大多數其他晶片公司。
The Risks You Should Know
你應瞭解的風險
There are still risks, and I think you should take note. Nvidia is not sitting still. It has spent years building not just great chips but an entire software world that keeps its customers locked in. Qualcomm is trying to crack that, but it won't be easy.
風險依然存在，我認為你應該注意。輝達並未坐以待斃。多年來，它不僅打造了出色的晶片，還構建了一個完整的軟件生態，使客戶對其深度依賴。高通正試圖打破這一局面，但這並非易事。
Its Dragonfly chip isn't even in production until 2028. The $15 billion data center revenue target is also a 2029 goal. A lot can change in three years; it could be in technology, in competition, in what customers actually end up needing.
其Dragonfly晶片要到2028年才投入生產。$150億的數據中心收入目標也是2029年才實現的目標。三年內可能發生很多變化；可能是技術上的，也可能是競爭格局上的，還可能是客戶最終實際需求的變化。
However, I am still bullish on QCOM, given the developments outlined in this piece.
然而，鑑於本文所述的進展，我仍然看好QCOM。 (Benzinga)