Qualcomm Stock Fell Despite CEO Amon’s Announcement That $30 Billion in Automotive Design Wins Are in the Pipeline.

Qualcomm Stock NASDAQ:QCOM

Qualcomm Stock (NASDAQ:QCOM)

The Qualcomm stock fell on Thursday, even though the company’s Chief Executive Officer, Cristiano Amon, stated that the company’s design-win pipeline has increased to $30 billion. This is an increase from the $19 billion that the semiconductor giant had previously reported.

Amon made the remark during Qualcomm (NASDAQ:QCOM) automotive investor day, where he also made the observation that the Snapdragon digital chassis and other technologies in the sector are assisting the firm in gaining market share.

In addition, Qualcomm (NASDAQ:QCOM) company’s automotive senior vice president and general manager, Nakul Duggal, stated that Qualcomm stock is anticipating a total addressable market in the automotive arena of around $100 billion by the year 2030.

Duggal also stated that beginning in 2023, Qualcomm (NASDAQ:QCOM) will be responsible for powering the cockpits of Mercedes-Benz vehicles.

At the beginning of this month, Meta Platforms (META) and Qualcomm (NASDAQ:QCOM) reached an agreement to collaborate on the creation of specialized virtual reality processors.

Previously, at a conference for consumer electronics held in Berlin, the companies Meta Platforms (NASDAQ:META) and Qualcomm (NASDAQ:QCOM) came to an agreement to collaborate on the creation of specialized virtual reality (VR) processors.

Chipmaker Qualcomm has agreed to design and build unique chipsets for Meta’s Quest VR devices. These chipsets will be based on Qualcomm’s Snapdragon platform.

According to a statement that Meta provided to Reuters, the chipsets would not be reserved exclusively for Meta (NASDAQ:META) but will be particularly modified for the Quest devices.

The arrangement only covers virtual reality (VR) devices, and Meta (NASDAQ:META) will keep working on creating some of its own original semiconductor solutions even after it has signed the deal.

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