Qualcomm (QCOM.US) is considering acquiring the UK-listed chip company Alphawave.

On April 1st local time, Qualcomm (QCOM.US) confirmed that it is considering making a bid to acquire the UK-listed semiconductor company Alphawave IP Group. The statement said that Qualcomm is currently unable to confirm whether it will make a formal offer and the potential terms of the offer. According to the takeover code, Qualcomm must announce its clear intention to acquire or declare that it will not proceed with the acquisition by 5pm local time on April 29. Alphawave went public for the first time in 2021 at a price of 410 pence per share, but its stock price has been below this level. Sources previously revealed that Alphawave is considering selling itself after negotiations with Arm (ARM.US) failed. Following the news of the acquisition, Alphawave's stock price rose by 45% to 135.70 pence, with a market value of approximately 1.03 billion ($1.3 billion). Previously, the stock had risen by as much as 53%. Over the past 12 months, Alphawave's stock price has fallen by about 22%. Alphawave's stock price is still far below the 410 pence IPO price. The company produces high-speed semiconductors and connectivity technology that can be used in data centers and artificial intelligence applications, two growth areas driven by demand for products like OpenAI's ChatGPT. Alphawave's performance shows a significant increase in fourth-quarter orders, with order volume up 44% from the same period last year, reaching a record $1.857 billion. CEO Tony Pialis stated in a declaration at the time that the company's business was being driven by orders from North American AI customers. The company has also launched its first "silicon product" that can help achieve high-speed connectivity in large data centers.