Alphawave Stock Soars in London as Qualcomm Reportedly Mulls Takeover Offer

Key Takeaways

Shares of U.K.-based semiconductor firm Alphawave soared in London following reports Qualcomm (

QCOM

) is considering making an offer to
buy the company
.

Alphawave’s stock closed nearly 47% higher Tuesday in London. Qualcomm said an offer isn’t certain, according to a report from

Bloomberg

, but the company has until April 29 to make a decision in order to comply with U.K. acquisition regulations.

Alphawave designs high-speed connectivity solutions that are used in data centers, which train and run
artificial intelligence
technology.

Reuters

reported Tuesday that Arm Holdings (

ARM

) also recently considered a takeover of the firm before deciding against it.

Neither Alphawave nor Qualcomm immediately responded to a request for comment.

The report comes the same day Qualcomm announced its acquisition of VinAI’s generative AI division, which the chipmaker said will “expedite the creation of advanced AI solutions” for smartphones, PCs, and vehicles. As part of the move, VinAI CEO Hung Bui will join Qualcomm.

Shares of Qualcomm were down less than 1% in recent trading Tuesday.

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