The California semiconductor giant has offered £1.83 (US$2.48) per share of Alphawave. If the deal receives regulatory approval, the firms expect it to close in the first quarter of 2026. (The Logic)

Talking point: Alphawave develops bits of computing hardware, then licenses them to chipmakers to use in their products. Founded in Toronto, the company moved its legal headquarters to the U.K. in April 2021 as it prepared to list on the London Stock Exchange. But it’s still run from Toronto, and has a sizable Canadian workforce. Qualcomm’s processors are found in hundreds of millions of Android devices, but the firm has struggled in the personal computer and AI markets. The chip giant plans to use Alphawave’s technology to help it enter the data centre business. Alphawave lost US$42.5 million on US$307.6 million in revenue in 2024, but had US$515.5 million in sales booked during the year, up by a third. The firm’s share price rose as high as £1.88 on Monday, by far the highest it’s been this year.