Qualcomm bets its future on a 250-core data center chip and a $3.9 billion software acquisition

Qualcomm unveiled the Dragonfly C1000 server CPU at its June 24 investor day, naming Meta as its first hyperscaler customer and acquiring AI software firm Modular for $3.9 billion. The company is targeting $15 billion in data center revenue by 2029, betting that agentic AI inference represents a distinct compute category where it can compete with Intel and AMD.