Qualcomm CEO on Tech Stock Plunge: "There is No AI Sector Correction for Us"

Qualcomm CEO Cristiano Amon believes that the tech giant should not be confused with other AI concept stocks that have recently faced significant sell-offs.{#quote_QCOM}

At the Yahoo Finance 2026 Investment Summit, when asked about the sharp decline in the AI sector, Amon stated: "We have just entered the data center business, so this series of market fluctuations does not apply to us. Qualcomm does not experience an AI sector correction."

He added: "Our data center business is just getting started. But one point worth noting is that the semiconductor industry is currently facing extreme shortages. There is a shortage of wafers, substrates, and packaging capacity. The reason for these shortages is the extremely strong market demand. Another point is that while everyone is discussing the expansion of computing power, in some scenarios, the delivery cycles for energy infrastructure and computing power devices do not align, and energy project construction often takes longer. Therefore, I believe there may be a mismatch between market expectations for the pace of computing power construction and the actual construction pace constrained by energy and supply chains."

The market remains highly vigilant: if data center construction slows down, the profit boom of major global tech giants may be disrupted. On October 29, 2018, in New York, Qualcomm CEO Cristiano Amon speaks at the OnePlus 6T launch event.

After the "blue wave" of the midterm elections, the market is concerned that newly elected Democratic senators and governors may hinder the expansion of the AI industry, further amplifying the aforementioned panic.

This also led to a historic and brutal market event for investors on November 5.

The S&P 500 index plummeted, with a market value evaporating by $3 trillion. The Dow Jones Industrial Average fell by 1,280 points, marking the largest single-day drop since 2020. The tech-heavy Nasdaq index dropped by 4.8%, with companies like Micron and SanDisk dragging down the market.{#quote_SNDK}

Subsequently, the overall stock market maintained a weak performance, with tech stocks particularly prominent.

Of course, Qualcomm is not completely immune to the risk-off sell-off in the AI infrastructure sector.

Qualcomm is vigorously expanding its presence in the U.S. data center market, positioning itself as a high-efficiency alternative to Nvidia, relying on its new Dragonfly architecture and high-bandwidth computing platform, primarily targeting large-scale AI inference business.{#quote_RIO}

In early September, Qualcomm revealed that under a long-term partnership agreement, the hyperscale cloud provider Amazon could potentially purchase Qualcomm AI data center chips and related products worth up to $60 billion.{#quote_AMZN}

Regarding market trends, Amon added: "I believe the market is gradually recognizing the real construction speed that industry supply can support. The market is currently experiencing significant volatility, making it difficult to provide precise judgments. Returning to Qualcomm itself, we are a new entrant in this field, and we remain cautiously conservative; moreover, in the aforementioned businesses, we have both supply capabilities and market demand.