U.S. chipmaker Qualcomm agreed to acquire Alphawave for about $2.4 billion on Monday, as it expands into the booming AI data center market, sending shares of the British semiconductor company surging more than 22%.

Under the agreement, Alphawave shareholders can choose between 183 pence in cash or 0.01662 Qualcomm shares per Alphawave share. The transaction will be executed through a UK court-sanctioned scheme and is expected to close in Q1 2026.

US semiconductor group Qualcomm has agreed a $2.4bn deal to buy chip designer Alphawave, marking the latest tech company departure from the London market.