Qualcomm is buying Alphawave Semi, a U.K.-based semiconductor company, for $2.4 billion in cash. The deal, announced Monday, is a clear signal that Qualcomm wants a bigger seat at the AI data center table—and it’s another sign of London’s tech listings losing ground to U.S. buyers.
Key Points:
- Qualcomm is acquiring Alphawave Semi for $2.4 billion in cash.
- The acquisition aims to bolster Qualcomm’s AI data center capabilities.
- Alphawave shareholders can choose cash or Qualcomm stock.
- The deal is expected to close in early 2026, pending approvals.
Alphawave specializes in high-speed wired connectivity and compute technologies for data centers, AI, and networking. Its portfolio includes IP, custom silicon, and chiplets that enable faster, more reliable data transfer with lower power consumption. These assets complement Qualcomm’s existing AI processors, such as the Oryon CPU and Hexagon NPU, which are designed for high-performance, low-power computing.
The acquisition is expected to accelerate Qualcomm’s expansion into data centers, a market driven by the rapid growth of AI inferencing and the transition to custom CPUs. By integrating Alphawave’s technologies, Qualcomm aims to enhance its product offerings and reach a broader customer base in high-growth areas, including data center infrastructure.
Alphawave’s board has unanimously recommended that shareholders accept the offer, which allows them to receive either cash or Qualcomm stock. The deal represents a 96% premium over Alphawave’s share price as of March 31. Following the announcement, Alphawave’s shares surged nearly 25%, reaching their highest value since March 2024.
The transaction is expected to close in the first quarter of 2026, subject to regulatory approvals and shareholder consent. This acquisition continues the trend of U.S. tech companies acquiring U.K. firms, contributing to the exodus of tech listings from the London Stock Exchange.