(https://www.cnbc.com/2026/09/08/qualcomm-amazon-data-center-infrastructure-deal.html), but Wall Street is conflating *access to hyperscaler capex* with *durable competitive positioning*. QCOM trades at $168.74 with $9.9B revenue, $2.0B net income, and a 20.1% net margin—solid, but the real question is whether custom silicon defensibility translates to revenue durability.

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