The analysis suggests that Wall Street has underestimated Qualcomm's growth potential in non-handset businesses, particularly the automotive sector, which saw revenue grow by 61% year-over-year. Furthermore, company CEO Cristiano Amon has set a target for non-handset revenue to reach $40 billion by fiscal year 2029, nearly double the target set in November 2024. Additionally, the data center business is projected to grow from $5 billion in fiscal year 2027 to $15 billion in fiscal year 2029. Although Qualcomm's handset revenue for the third fiscal quarter decreased by 20% year-over-year, automotive revenue increased by 61% to $1.588 billion, and total revenue of $9.947 billion exceeded expectations by 2.84%.