TradingKey – Qualcomm (QCOM) is accelerating its entry into the AI data center market, and its latest partnership with Amazon (AMZN) could mark an important step in this strategic transition.

On September 8, Qualcomm announced a multi-year, multi-generation product partnership with Amazon Web Services (AWS), under which the two companies will jointly develop custom chips for large AI data centers and further advance high-speed optical interconnect technology.

The most noteworthy aspect of this partnership is that Amazon is not merely becoming a standard customer of Qualcomm. According to an 8-K filing submitted by Qualcomm to the U.S. Securities and Exchange Commission, an Amazon affiliate obtained warrants to purchase up to 25 million…