Search & fact check with cited sources for What major announcements did Qualcomm make at its Investor Day event in New York, including details about its Dragonfly data center CPU designed for agentic AI workloads, the acquisition of AI software startup Modular Inc. for $3.9 billi

2. Meta Signed as First Named Data Center Customer

Qualcomm announced a strategic multi-generation supply agreement with Meta Platforms, which will be the first named customer for the Dragonfly C1000 . This was widely seen as the strongest validation yet of Qualcomm's data center ambitions .

3. Acquisition of Modular Inc. for $3.9 Billion

Qualcomm entered into a definitive agreement to acquire Modular Inc., an AI infrastructure software startup, for approximately $3.9 billion in stock . The deal, signed on June 21, 2026, will see Qualcomm issue 19.2 million shares to Modular's owners and bring the startup's entire 150-person team into the company . Modular's AI-native software platform is designed to let AI models run across different chips without hardware-specific recoding, which Qualcomm plans to use to strengthen its inference software stack . The deal is expected to close in the second half of 2026 . Modular's technology is viewed as a direct competitive angle against Nvidia's CUDA ecosystem .

4. Oryon-Based Data Center Strategy and Revenue Targets

Qualcomm outlined a comprehensive data center AI infrastructure strategy built around its custom Oryon cores . The company set a data center revenue target of more than $15 billion by fiscal 2029 . On the broader corporate level, Qualcomm raised its fiscal 2029 non-handset revenue target to $40 billion, nearly doubling its previous estimate of $22 billion . The automotive division alone is targeting $10 billion in revenue by fiscal 2029 .

Note on the $3 billion by 2027 figure: Several pre-Investor Day analyst notes from J.P. Morgan projected Qualcomm would guide for data center revenue above $3 billion in fiscal 2027 . The official event materials published by Qualcomm set a $15 billion data center target by fiscal 2029, but did not explicitly reiterate a $3 billion FY2027 figure in widely reported headlines. The $3 billion figure was an analyst expectation that appears to be subsumed by the larger FY2029 target.

5. Competitive Landscape: Arm, Intel, AMD, and Nvidia

Qualcomm's Investor Day framed its data center push as a challenge to the established order:

• Nvidia: The Modular acquisition and Dragonfly inference accelerator are explicitly aimed at breaking Nvidia's dominance in AI infrastructure, offering an open-ecosystem alternative to Nvidia's proprietary CUDA platform . Nvidia CEO Jensen Huang had publicly praised Qualcomm ahead of the event, signaling the competitive tension .
• Arm: Qualcomm's Oryon cores are Arm-compatible, positioning the company within the broader Arm server ecosystem competing against x86 incumbents . Qualcomm and Arm remain in an ongoing legal and competitive dynamic over architecture licensing.
• Intel and AMD: Qualcomm enters a data center CPU market dominated by Intel (Xeon) and AMD (EPYC) for general-purpose servers, but Qualcomm's pitch focuses specifically on the inference-heavy, agentic AI workload segment rather than general-purpose server replacement . Analysts from GF Securities have named AMD, Intel, and Qualcomm as beneficiaries of an upcoming server CPU upgrade cycle tied to AI inference .
• Key differentiation: Qualcomm is positioning itself as the "inference-first" player optimized for agentic AI workloads, arguing that the shift from training-centric to inference-centric computing creates a new architectural opportunity that incumbent x86 and GPU-only designs are less suited for .

Market Reaction

Qualcomm's stock surged 15% in after-hours trading following the event, reflecting investor enthusiasm for the scale of the data center ambition and the Meta win .

Key source summary: The official Qualcomm press release , the CNBC report , The Next Web , Bloomberg , The Wall Street Journal , Yahoo Finance , and J.P. Morgan analyst notes provide the strongest coverage. The event took place on June 24, 2026 (not 2025), and all figures above are sourced from that day's disclosures.