Alphabet disclosed a Qualcomm stake valued at nearly $548 million at the end of the third quarter, according to a new regulatory filing. The holding comprised approximately 3 million shares. The filing also showed that Alphabet increased its investment in SpaceX to more than 555 million shares.
The investments reflect Alphabet's strategy of making substantial bets beyond its core advertising and cloud businesses. Qualcomm is pushing into the AI data center market as it diversifies beyond its smartphone chip business. The filing does not confirm any new commercial collaboration between Alphabet and Qualcomm, but the stake gives Alphabet financial exposure to Qualcomm's expansion. Qualcomm shares rose more than 3% in premarket trading following the announcement.