Qualcomm has agreed to acquire Alphawave Semi, a UK-based semiconductor company focused on high-speed data center connectivity, for around $2.4 billion.
According to Qualcomm CEO Cristiano Amon, the deal will help Qualcomm grow its data center business.
“The combined team shares the goal of building sophisticated technology solutions and enabling the next level of connected computing performance across a wide range of growth areas, including data center infrastructure,” Amon said in a press release.
Qualcomm’s acquisition of Alphawave produces a variety of wired connections and computational technologies, but it comes months after Bigger Chip Company purchased the Generation AI division of Vietnamese startup Vinai and the Internet of Things company Edge Impulse. Qualcomm has sought to diversify its portfolio in the face of headwinds, such as weakening the smartphone market. Smartphone processors make up a large part of Qualcomm’s revenue.
The transaction is expected to close in the first calendar quarter of 2026.