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Qualcomm reached a recommended deal to buy the London-listed connectivity chip designer Alphawave IP Group for $2.48 a share in cash, an implied enterprise value of about $2.4 billion, to speed its move into data centres.

Qualcomm closed its takeover of Alphawave IP Group about a quarter ahead of schedule, for $2.3 billion in cash and stock, with Alphawave CEO Tony Pialis taking charge of Qualcomm's data-centre business.

At its Investor Day in New York, Qualcomm raised its fiscal 2029 non-handset revenue target to $40 billion, about twice the old goal, with more than $15 billion from data centers.

At its 2026 Investor Day in New York, Qualcomm branded its data-center products Dragonfly and unveiled the 250-plus-core Dragonfly C1000 CPU, the AI300 accelerator and High Bandwidth Compute memory, with Meta signed up for the CPU; the stock jumped 15%.