Qualcomm and Amazon Web Services unveiled a multi-year semiconductor partnership on September 8 that allows AWS to purchase up to $60 billion of Qualcomm AI data-center processors and related technologies. Amazon also received warrants valued at approximately $4 billion, exercisable at $161.26 per QCOM share as purchases materialize. Qualcomm shares rose as much as 6.9% to $180.41, while the stock gained about 8.71% from $165.71 on September 1 to $180.15 on September 14. The agreement covers customized processors for AI inference (using trained models to generate predictions) and optical connectivity supporting throughput of up to 1.6 terabits per second. The optical technology came from Qualcomm's $2.4 billion acquisition of AlphaWave completed last year. RBC Capital raised its price target to $180 from $160 while maintaining a Sector Perform rating, and Piper Sandler upgraded the stock on September 11 as shares rose another 3.23%. Average analyst targets are approximately $194. Qualcomm is targeting $15 billion in annual data-center revenue by 2029 and now counts Amazon alongside Microsoft and Meta as major hyperscale customers. The partnership also lets Qualcomm use Amazon's cloud infrastructure for semiconductor design workflows. It comes as Qualcomm faces the anticipated loss of Apple's modem business, higher component costs and weaker demand in some handset segments.