Qualcomm has agreed to acquire London-listed semiconductor firm Alphawave for approximately$2.4 billion in cash, aiming to strengthen its position in AI and data centre technologies. Alphawave shares surged 23% in London trading following the announcement.

The deal, offering 183 pence per share, represents a 96% premium over Alphawave's share price at the end of March. Regulatory and shareholder approvals are still required, with the transaction expected to close in early 2026.

Qualcomm is diversifying beyond smartphones as CEO Cristiano Amon targets growth sectors such as AI hardware. Alphawave, known for high-speed chip connectivity, has gained momentum, especially among US AI customers.

Alphawave's board unanimously supports the offer, and shareholders representing half the company have already agreed to the deal. In addition to the cash option, Qualcomm is offering stock and security exchange alternatives.