New Delhi, June 26 -- a company that built its fortune on mobile phone processors is now asking Wall Street to value it as a data center challenger.

$15 billion from data centers, $14 billion from internet of things devices, $10 billion from automotive. The headline number added 13 percent to Qualcomm's share price in extended trading Wednesday, the strongest single-session gain for the stock since 2023.

The most consequential line item is the one that currently sits closest to zero. Qualcomm generates virtually no data center revenue today. Getting from zero to $15 billion in three years requires that the Dragonfly C1000, the data center CPU revealed at the event, move from an investor day announcement to a shipping product inside a ti...