Qualcomm Strengthens AI Portfolio with $2.4 Billion Alphawave Deal
US chipmaker Qualcomm on Monday agreed to acquire British semiconductor company Alphawave for about $2.4 billion as part of efforts to strengthen its artificial intelligence technology.
Alphawave shareholders will receive 183 pence per share, a nearly 96% premium to the price immediately before Qualcomm disclosed its interest in the company. The shares jumped 22% in early London trade to just below the offer price.
US-based firms have been snapping up British assets, taking advantage of a market that is plagued by comparatively weaker valuations and stunted growth.
Alphawave, which designs and licenses semiconductor technology for data centers, networking and storage, had garnered takeover interest from Qualcomm and SoftBank-owned chip tech provider Arm in early April for its "serdes" technology.
The technology underpins the speed at which data is processed by chips - crucial for AI development - and serves as the foundation for Broadcom's and Marvell Technology's multibillion-dollar bespoke chip businesses.
Arm walked away after initial discussions with Alphawave, Reuters exclusively reported in April citing sources.
Qualcomm also tabled two alternative all-share offers to Alphawave's shareholders, after receiving multiple extensions from the UK's takeover panel to table a firm offer.
The British company said it considers the terms of the cash offer to be fair and reasonable and intends to unanimously recommend it to its shareholders.
Alphawave also completed the disposal of its stake in WiseWave, its joint venture with Chinese investment firm Wise Road Capital, to existing state shareholders on Monday.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
3 hours ago
- Arab News
UK to trim asylum backlog, saving ‘$1.3 billion a year'
LONDON: Britain's Labour government pledged to cut a backlog in asylum applications and end 'the costly use of hotels to house asylum seekers,' saving £1 billion ($1.3 billion) annually, Chancellor of the Exchequer Rachel Reeves announced on Wednesday. 'Funding that I have provided today ... will cut the asylum backlog, hear more appeal cases and return people who have no rights to be here, saving the taxpayer a billion pounds a year,' Reeves said in her Spending Review that sets out Treasury expenditure and savings over the next few years. The number of UK asylum seekers has risen sharply in recent years, with tens of thousands of applications waiting to be decided, according to official figures. Labour, which came to power last July, has set about tackling the situation. Prime Minister Keir Starmer has started formal talks with unspecified countries to create 'return centers' outside the UK for those who have exhausted all legal avenues to remain in the country. The number of asylum seekers in the UK tripled to 84,200 in 2024 from an average of 27,500 between 2011 and 2020. In 2022, there were approximately 13 asylum applications per 10,000 people in the UK, compared with 25 applications per 10,000 people in the EU at the same time. Some 11 percent of migrants in the UK were asylum seekers or refugees in 2023 — almost twice as high as the 2019 figure of six percent. The number of people crossing the Channel in makeshift boats, a route that virtually did not exist before 2018, has meanwhile increased sharply in recent years. In 2024, the largest group of asylum seekers hailed from Pakistan, followed by Afghanistan. In previous years, they came mainly from Syria and Iran.
Arab News
4 hours ago
- Arab News
Arab News honored in London on its 50th anniversary
LONDON: To mark the 50th anniversary of Arab News, the Global Arab Network hosted on Friday an event at the Frontline Club featuring a documentary preview and a panel discussion on the newspaper's digital transformation and the growing impact of artificial intelligence on the future of media. Welcoming guests, Ghassan Ibrahim, founder of the London-based Global Arab Network, commended Arab News, saying it has become 'one of the most trusted newspapers in the Middle East.' 'Global Arab Network works to help people from Arab countries and other parts of the world understand each other better. They support projects that connect cultures, support development, and share news and ideas,' he said. 'Their work is similar to what Arab News does — they both want to bring the East and West closer together.' In his address, Arab News Editor-in-Chief Faisal J. Abbas said: 'We thank the Global Arab Network for hosting this event and presenting the documentary. We hope that the attendees can benefit from the Arab News digital transformation success story as we all brace for an AI-led future' He added: 'For the past 50 years, Arab News has been at the forefront of technology when it comes to news gathering, verification, research and distribution. We vow to continue on this path, and our latest podcast, launched using Google NotebookLM, is a testimony to our commitment.' The Frontline Club event in London was attended by renowned dignitaries, diplomats and journalists including Saudi Editor Othman Al-Omair, Asharq Network's Nabeel Khatib and Al Majalla Editor in Chief, Ibrahim Hamidi. Members of parliament, lecturers from British universities and former ministers and ambassadors were also among the attendees. The event saw a preview of 'Rewriting Arab News,' a short film about the newspaper's relaunch and digital transformation between 2016 and 2018, which was presented by Global Arab Network. The event paid tribute to the brothers Hisham and Mohammed Ali Hafiz, who launched Arab News as Saudi Arabia's first English-language daily newspaper, from a small garage in their hometown, Jeddah, while depicting the publication's growth and milestones in the runup to it relaunch. The evening also discussed how Arab News is consistently launching new initiatives and projects as part of its preparations for an AI-driven future. 'In 2000, less than 7 percent of the world's population was connected to the internet; 25 years later, more than 60 percent of the world is connected to the internet,' Abbas said. 'We are at the brink of an AI revolution that is already happening, and the evolution of the news industry continues. We hope that Arab news can continue this challenge and thrive under this challenge.' Arab News was established in 1975 under the slogan, 'The Middle East's Leading English Language Daily,' to give Arabs a voice in English while documenting the major transformations taking place across the Middle East. In April 2018, Arab News changed its 43-year-old logo with a new one as well as its motto to 'The Voice of a Changing Region.' The newspaper relaunched with a new design and a new approach to stories that it believed was better suited to the internet age. 'Since 1975, Arab News has been the voice of the Arab world and the newspaper of record for Saudi Arabia and the wider region. As this region changes, and as the Arab world faces new challenges and new political, social and economic realities, so must that voice change. And so must Arab News,' the newspaper said in an editorial on April 4. Arab News is marking its 50th anniversary at a shifting moment, as Lebanon and Syria form new governments and the Middle East prepares for a high-level conference on the Palestinian two-state solution, co-chaired by Saudi Arabia and France, in New York this June. 'It's remarkable looking back at history to see the pattern of how history repeats itself, but sometimes it could be a happy ending,' said Abbas. A panel discussion after the screening of the documentary featured Chris Doyle, director of the Council for Arab-British Understanding (Caabu); Juan Senor, partner at Innovation Media Consulting Group; and Abbas. 'Like Arab News, tech giants Apple and Google also started in garages — there's something to be said about that,' Doyle said. He praised Arab News for consistently reinventing itself 'not just to keep up with the times, but to stay ahead of them.' In April, Arab News launched its 50th anniversary collection, highlighting key events that shaped the Middle East over the past five decades, alongside the newspaper's own evolution. As part of its digital transformation efforts and complementing the anniversary project, Arab News released a podcast series last month. Produced using Google's AI-powered research tool, NotebookLM, it features artificial hosts and AI-generated voices recounting pivotal moments that defined the region's recent history. Senor said: 'Arab News has consistently set the standard for English-language journalism in the region, offering clarity and credibility at a time when balanced narratives about the Middle East are more important than ever.' He added: 'Arab News has played a crucial role in elevating regional voices that were often overlooked or misrepresented in international discourse — it's journalism with purpose, not just headlines.' As part of the same series of initiatives marking its 50th anniversary, Arab News hosted a special reception and talk last month in collaboration with Google on the opening day of the Arab Media Summit in Dubai in the UAE. During the May 26 reception, Mona Al-Marri, director-general of Dubai Media Office, Government of Dubai, said: 'I hope that all media outlets in our region follow in the steps of Arab News, because this is when you set a good working model for the whole region. … Arab News is leading this transformation.' In a region where over 50 percent of the population is young, she added, 'we should all follow this model.' In his keynote speech at the event, Khalfan Belhoul, CEO of the Dubai Future Foundation, said: 'Let's all agree that how we create and consume media is changing dramatically. Look at the average attention span, which is eight seconds.' He said the disruptive power of AI — from disinformation to audience mistrust — makes the 'human touch' more vital than ever. 'AI may be the hero of the next media chapter, but self-critique, adaptability and editorial responsibility will define its success,' Belhoul said. Arab News, headquartered in Riyadh, has expanded its digital voice by establishing bureaus in London, Pakistan and Dubai, besides editions published in French and Japanese.
Asharq Al-Awsat
4 hours ago
- Asharq Al-Awsat
Trump Touts ‘Done' Deal with Beijing on Rare Earths, Chinese Students
US President Donald Trump touted ties with China as "excellent" on Wednesday, saying the superpowers reached a deal after two days of talks aimed at preserving a truce in their damaging trade war. Trump said on his Truth Social platform that China would supply rare earth minerals and magnets -- vital elements for American industries -- while Washington would allow Chinese students to remain in US universities. His post came after top United States and Chinese negotiators announced a "framework" agreement late Tuesday following two days of marathon talks in London. "Our deal with China is done," Trump wrote, adding that the agreement was still "subject to final approval with President Xi (Jinping) and me." "President XI and I are going to work closely together to open up China to American Trade," he said in a second post. "This would be a great WIN for both countries!!!" US stock markets showed little enthusiasm despite Trump's statements, but major indexes edged higher in early trading. - 'Candid' talks - US Treasury Secretary Scott Bessent said Wednesday that it was possible to rebalance economic relations with China if Beijing proved a "reliable partner in trade negotiations." "If China will course-correct by upholding its end of the initial trade agreement we outlined in Geneva, and I believe after our talks in London they will, then the rebalancing of the world's two largest economies is possible," Bessent told lawmakers at the House Ways and Means Committee. The two sides agreed to reduce their tit-for-tat, triple-digit tariffs during talks in Geneva last month, but cracks appeared in the detente after Trump accused China of violating the deal. Washington was concerned at slower supplies of rare earths after Beijing in early April began requiring domestic exporters to apply for a license -- widely seen as a response to US tariffs. Rare earths are used in everything from electric vehicles to hard drives, wind turbines and missiles. US Commerce Secretary Howard Lutnick said in London on Tuesday that US measures imposed when rare earths "were not coming" would likely be relaxed once Beijing moved forward with more license approvals. On Truth Social, Trump said China will supply "full magnets, and any necessary rare earths" up front. Washington has infuriated Beijing by vowing to revoke the visas of Chinese students, a major source of revenue for US universities. On Wednesday, Trump said: "We will provide to China what was agreed to, including Chinese students using our colleges and universities." The US president also said that the United States applies 55 percent tariffs on Chinese goods -- a combination of his 30 percent additional levies this year and the rough average of pre-existing duties, a White House official said. He said Beijing charges 10 percent duties on US goods. The rates are the same as those that were previously agreed in the truce, which temporarily brought US tariffs down from 145 percent and those imposed by China from 125 percent. In a Chinese state media readout of the talks released Wednesday, Vice Premier He Lifeng, who headed Beijing's team in London, stressed the need for the two sides to strengthen cooperation in future dialogue. "As a next step, the two sides should... continuously enhance consensus, reduce misunderstandings and strengthen cooperation," He said, according to state broadcaster CCTV. Speaking to reporters in London, China International Trade Representative Li Chenggang earlier said: "Our communication has been very professional, rational, in-depth and candid."
