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%.

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.

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.