Qualcomm said on Tuesday that it expects its push into new markets to generate an additional $22 billion per year by 2029.

Of that amount, roughly $4 billion will come from PC chips, Qualcomm said at its investor day on Tuesday. The chipmaker just introduced PC processors earlier this year, when it released Snapdragon X for Windows devices.

The latest forecast marks an important milestone for Qualcomm CEO Cristiano Amon, who took over the company in 2021 with a promise to get past a reliance on smartphones. In fiscal 2024, Qualcomm’s handset business reported $24.86 billion in sales, about 75% of its entire chip business.

Qualcomm also said on Tuesday that automotive revenues would rise about 175% by 2029 to $8 billion, of which 80% is tied to contracts that have already been secured.

“We have been on this trajectory realizing that the technologies we have developed over the many years can be very relevant to a number of different industries beyond mobile,” Amon said at the investor event.

Another $4 billion in revenue will come from industrial chips and $2 billion will come from chips for headsets, a category Qualcomm calls XR. About $4 billion of the forecast is a catch-all for other chip sales, like those for wireless headphones and tablets.

Qualcomm shares are up 16% this year, trailing the Nasdaq, which has gained 26%.

Qualcomm grew rapidly over the past decade as its modems and processors became essential parts for high-end smartphones, especially those running Google Android. Qualcomm also sells modems and related parts to Apple for its iPhones.

But the company has warned investors that Apple could choose to stop buying Qualcomm parts as soon as 2027. Qualcomm said on Tuesday that its growing businesses will more than offset any losses from Apple.

Qualcomm’s strategy under Amon has been to use the technology its developed for its handset chips, like modems, processors, and AI accelerators, in new markets, including cars, PCs, and virtual reality. The investor event was the first time in years that the company has given a forecast for those new markets. Qualcomm said its total addressable market is as large as $900 billion.

“We put a strategy in ’21, and we’re not changing our strategy,” Amon said.

Laptop and desktop chips are currently dominated by Intel, which has over 70% percent of the market, according to Mercury Research. Intel reported $29 billion in PC chip sales in its 2023.

“The competitive landscape changed between the Windows and Macs,” Amon said, referring to Apple’s move in 2020 to switch from Intel to its own processors. “We saw that as an opportunity, especially as the ecosystem did not have confidence in the existing players to actually deliver a solution.”

The forecast for XR headsets also hints at the growth potential of the VR market over the next five years. Qualcomm supplies chips to many of the top headset makers, including Meta for its Quest and Ray-Bans products.

When it comes to artificial intelligence, Qualcomm calls itself an “edge AI” company, in contrast to cloud-based AI that’s typically powered by Nvidia processors. Company officials didn’t rule out introducing data center products in an interview with CNBC.

Qualcomm suggested that its mobile chips will be able to run the kind of advanced AI that’s restricted to large server farms today, an indication that that company may benefit from the AI boom down the road as the technology becomes more efficient.

“What you can run on the cloud last year, you can run on the device this year,” Durga Malladi, Qualcomm’s senior vice president in charge of planning, said at the event.

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