Qualcomm Inc. $QCOM has announced its agreement to acquire London's semiconductor firm, Alphawave IP Group Plc, for approximately $2.4 billion in cash. The acquisition bid values Alphawave shares at around 183 pence each. This strategic move is aimed at bolstering Qualcomm's capabilities in the artificial intelligence (AI) sector, diversifying its technological portfolio away from the slowing smartphone market. The deal remains subject to regulatory and shareholder approvals and is anticipated to conclude in the first quarter of 2026.