❯ Alphabet buys nearly 3 million Qualcomm shares, valued at about $548 million

A third-quarter purchaseGoogle parent Alphabet established a Qualcomm position during the third quarter, holding nearly three million shares valued at about $547.9 million as of September. The investment comes as Qualcomm expands its AI data-center chip business, adding an equity link between longstanding technology partners.

Beyond Android phonesQualcomm processors have long powered Android devices. The companies also collaborate on Googlebook laptops and automotive AI hardware and software. As Qualcomm seeks revenue beyond smartphones, data centers offer another market for winning large technology customers.

Seeking cloud-computing ordersQualcomm has spent the past year pitching custom AI processors to cloud providers and targets $15 billion in data-center chip revenue by 2029. Amazon has an arrangement covering up to $60 billion in product purchases, while Microsoft and Meta have also placed orders. Alphabet’s investment adds a financial relationship alongside the companies’ existing product partnerships.

▮ SIGNALAs Qualcomm expands into data centers, established technology partners are becoming chip customers or shareholders, extending relationships built in mobile computing.