Alphabet Reports Nearly $548 Million Qualcomm Stake

A regulatory filing showed Alphabet held nearly 3 million Qualcomm shares worth about $548 million as of September 30. The filing did not disclose when Alphabet bought the shares or why; the coverage also notes the companies’ existing technology partnerships and Qualcomm’s efforts to grow its data-centre business.

• Alphabet held nearly 3 million Qualcomm shares, valued at $547.9 million, at the end of September. The filing did not say when the shares were acquired or explain the reason for the investment.· 2 sources
• Qualcomm shares rose about 3% in premarket trading after the disclosure. One report also said the stock had fallen more than 9% the previous day after disappointing quarterly results and a broader market selloff.· 2 sources
• Alphabet and Qualcomm have existing business ties, including Qualcomm chips in Android phones and a collaboration on chips and software for automotive AI. One report also describes their work on Google’s premium laptop range.· 2 sources
• Qualcomm is seeking to expand into data-centre chips as well as smartphones. It forecast data-centre chip revenue of $15 billion by 2029, according to one report.· 1 source
• The filing also showed Alphabet’s SpaceX holding increased to about 555 million shares from 551.2 million previously. The reported holdings were as of September 30.· 2 sources