Amazon Validates Qualcomm's AI Pivot with $60 Billion Warrant Ceiling

Qualcomm has issued Amazon a warrant for up to $60 billion in purchases, tied to commercial arrangements and actual purchases. This comes as Apple moves to bring modem technology in-house, reducing Qualcomm's revenue. The deal validates Qualcomm's pivot to data-center chips, but much of the equity vests only if future purchasing milestones are met. Amazon gains another custom-infrastructure option, while Apple transfers more development and execution risk to itself by bringing modem technology in-house.