In late June 2026, QUALCOMM was removed from multiple Russell growth and defensive indices while unveiling its Dragonfly AI data center platform, expanded AI partnerships, and new deepfake detection capabilities via a partnership with Scam.ai at Computex. An expanded collaboration with Hugging Face and a planned acquisition of Modular show QUALCOMM pushing to become an end‑to‑end AI infrastructure and on‑device intelligence provider. The recent Russell index removals are largely mechanical and do not materially alter the core risk reward equation in the short term. The expanded collaboration with Hugging Face ties Dragonfly data center hardware to a large developer base and a unified edge to cloud AI workflow. QUALCOMM's narrative projects $48.8 billion revenue and $11.0 billion earnings by 2029, requiring 3.1% yearly revenue growth and about a $1.1 billion earnings increase from $9.9 billion today. Some of the most optimistic analysts were penciling in about US$49.3 billion of revenue and US$12.4 billion of earnings by 2029.