Alphabet discloses Qualcomm stake worth $547.9 million
Alphabet has disclosed a sizable holding in Qualcomm, adding a new cross-sector investment detail to the technology group's portfolio. The stake was valued at $547.9 million as of September, while Qualcomm shares rose more than 3% in premarket trading on Friday.
Highlights
- Alphabet disclosed holding nearly 3 million Qualcomm shares valued at $547.9 million as of September, per Friday's filing.
- Qualcomm shares jumped more than 3% in premarket trading following Alphabet's investment disclosure.
- Qualcomm's quarterly smartphone chip sales missed Wall Street expectations, but better-than-expected data-center revenue provides partial support for its outlook.
Portfolio disclosure and market reaction
As reported by Reuters, Alphabet said on Friday that it held nearly 3 million shares in Qualcomm as of September. The Google parent valued that position at about $547.9 million.Qualcomm shares rose more than 3% in premarket trading after the disclosure. The filing also showed Alphabet increased its position in Elon Musk's SpaceX to about 555 million shares from 551.2 million earlier.
Pressure on Qualcomm's chip business
The disclosure comes days after Qualcomm disappointed investors with quarterly smartphone chip sales that missed Wall Street expectations. Weak demand weighed on that business even as the company projected better-than-expected revenue for its newer data-center segment.The combination of Alphabet's investment disclosure and Qualcomm's recent earnings signals continued investor focus on how major technology companies are positioning around chips and adjacent growth markets. Qualcomm's outlook for data-center revenue has offered some support despite softness in smartphone demand.
Our earlier analysis of the S&P 500’s move amid major tech and AI earnings showed the index slipping as rising Treasury yields and broader selling pressure outweighed a rebound in technology names. We noted that SPX was trading below its 20- and 50-day moving averages, pointing to fragile consolidation, with the next directional move hinging on key support and resistance levels as earnings season continues to drive sector rotation.
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