Qualcomm CEO on tech stock meltdown: 'There is no AI correction' for us

• Qualcomm CEO Cristiano Amon says there's no AI correction for Qualcomm; data center business is new. • Industry faces severe shortages in wafers, substrate, and assembly, with energy lead times lagging compute demand. • Qualcomm targets AI inference with Dragonfly architecture; Amazon may buy up to $60B in its data center chips. Qualcomm CEO Cristiano Amon pushed back on linking his company to the broader AI stock selloff, saying "there is no AI correction in Qualcomm" since the firm is just beginning its data center push. Speaking at Yahoo Finance Invest, Amon noted the semiconductor industry faces extreme shortages in wafers, substrate, and assembly amid surging demand, while energy project lead times often lag behind compute lead times—creating a gap between market expectations and the actual pace of AI infrastructure build-out. The comments come after a brutal Nov. 5 session triggered by Democratic midterm wins, which stoked fears of stricter data-center regulation. The S&P 500 fell 4.4% (-$3 trillion in market value), the Dow dropped 1,280 points in its worst day since 2020, and the Nasdaq sank 4.8%, dragged down by chipmakers like Micron and Sandisk. Qualcomm isn't fully insulated, however. It's expanding into data centers with its power-efficient Dragonfly architecture aimed at AI inference, positioning itself against Nvidia. In September, Qualcomm said Amazon could buy up to $60 billion in AI data center chips under a long-term deal. Amon acknowledged high volatility makes precise forecasts difficult but maintained Qualcomm has both the supply and demand to support its still-early data center ambitions.