Wells Fargo sees Humain deal revenue potential in $2B range for Qualcomm

After signaling work on datacenter accelerator cards and systems-on-a-card over the past couple of quarters, Qualcomm (QCOM) unveiled the AI200 and AI250 chip-based accelerator cards and racks specifically targeting AI inference, notes Wells Fargo analyst Aaron Rakers, who thinks the rack-scale focus was “a surprise.” Competition has been accelerating with Intel’s (INTC) recent Crescent Island announcement, AMD‘s (AMD) MI platform and upcoming Helios rack-scale design, and Nvidia’s (NVDA) inference focused Rubin CPX, the analyst noted. Qualcomm also announced that Saudi Arabia’s Humain will deploy 200MW of Qualcomm AI systems starting in 2026, points out Wells, which estimates revenue potential for that deal in the roughly $2B range. Wells has an Underweight rating and $140 price target on Qualcomm shares.