Qualcomm strengthens AI portfolio with $2.4 billion Alphawave deal

(Reuters) -U.S. chipmaker Qualcomm (QCOM) on Monday agreed to acquire British semiconductor company Alphawave (AWEVF) for about $2.4 billion as part of efforts to strengthen its artificial intelligence technology.

Alphawave shareholders will receive 183 pence per share, a nearly 96% premium to the price immediately before Qualcomm disclosed its interest in the company. The shares jumped 22% in early London trade to just below the offer price.

U.S.-based firms have been snapping…