QUALCOMM Incorporated (NASDAQ: QCOM) is one of the 10 AI Stocks on Wall Street’s Radar. On June 9, the company reported that it has agreed to buy semiconductor company Alphawave IP Group Plc for an estimated $2.4 billion in cash, aiming to expand its technology and key assets for expanding into data centers.

With Qualcomm’s plan to acquire UK chipmaker Alphawave, the company is trying to expand its AI and data center capabilities and reduce reliance on smartphones.

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 up by almost a quarter.