Qualcomm shares jump 14% on Modular acquisition, guidance upgrade
Qualcomm Inc.’s stock jumped 14% in after-hours trading today after it shared a series of updates about its artificial intelligence roadmap.
The company announced plans to acquire an inference software startup called Modular Inc. and previewed two upcoming AI chips. Additionally, Qualcomm significantly raised its fiscal 2029 guidance. The chipmaker now expects its non-handset revenue segment, which includes its data center business, to reach $40 billion.
The company announced most of the updates during an investor event in New York.
Qualcomm plans to finance the Modular acquisition with 19.2 million shares, which are worth $3.92 billion at the chipmaker’s last unaffected closing price. That sum is more than double the valuation Modular received after its most recent funding round. The company has raised $380 million from Alphabet Inc.’s GV, Greylock and others.
