Alphabet Acquires $548M Stake In Qualcomm
Google's parent company, Alphabet Inc., revealed on Friday in a United States Securities and Exchange Commission (SEC) filing that it acquired a stake worth nearly $548 million in its long-time partner, Qualcomm Inc.
The filing shows that Alphabet bought approximately 3 million Qualcomm shares in the third quarter. The news comes as Qualcomm steps up efforts to boost its emerging data center business in an attempt to become one of the leading providers in the rapidly growing artificial intelligence infrastructure sector.
Qualcomm's stock rose 2.77% to sell for $161.09 per share in premarket trading at 8:08 am ET, while Alphabet's share was down 0.15%, going for $282.16 apiece at the same time.
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