Qualcomm CEO Cristiano Amon said the recent AI-stock selloff does not apply to Qualcomm. According to Sina Finance, speaking at the Yahoo Finance 2026 Investment Summit, Amon said Qualcomm had only just entered the data center business and that “there is no AI sector pullback” for the company.
Amon said the semiconductor industry faces severe shortages of wafers, substrates and packaging capacity amid strong demand. He also said expectations for the pace of computing infrastructure expansion may not match actual construction timelines, as energy projects can take longer to complete than computing equipment deliveries.
Concerns that slower data center construction could disrupt major technology companies’ profits, along with fears that newly elected Democratic senators and governors could hinder AI industry expansion after a midterm-election “blue wave,” added to market anxiety. On November 5, the S&P 500 fell sharply, wiping out $3 trillion in market value; the Dow Jones Industrial Average plunged 1,280 points, its largest one-day drop since 2020; and the Nasdaq fell 4.8%. Technology stocks remained weak afterward.
Qualcomm is expanding in the U.S. data center market, positioning itself as an energy-efficient alternative to Nvidia with its Dragonwing architecture and high-bandwidth computing platform for large-scale AI inference. In early September, Qualcomm disclosed that Amazon could purchase up to $60 billion of its AI data center chips and related products under a long-term agreement.
Amon said markets were gradually recognizing the actual pace of construction that industry supply can support. He added that Qualcomm was approaching the market cautiously as a new entrant and had both the capacity to supply and demand for the businesses he had discussed.