Amazon Could Buy Up to $60 Billion From Qualcomm Just as Apple Brings Modems In-House. Is the AI Pivot Real?

QUALCOMM Incorporated (NASDAQ:QCOM) is trying to replace part of a fading smartphone dependency with AI infrastructure, and Amazon.com, Inc. (NASDAQ:AMZN) just gave investors a large number to measure it against. Qualcomm’s September 8 SEC filing ties Amazon warrants to commercial arrangements, binding orders and actual purchases that can reach a maximum of $60 billion. That is a ceiling, not a guaranteed order.

The timing matters because Apple Inc. (NASDAQ:AAPL) is moving modem work in-house, reducing a long-standing source of Qualcomm revenue.

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Amazon validates the pivot, but only conditionally

Qualcomm issued Amazon a warrant for up to 25 million shares at $161.26, with 3.75 million shares vested at issuance from initial commitments. The companies will work on server chips, systems…