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.

Qualcomm is boosting its position in the artificial intelligence space, with the acquisition of data center chip specialist Alphawave for $2.4 billion.

In early trading Monday, Qualcomm shares were up 3.4%, while Alphawave stock surged by 21% in London. Alphawave, based in the U.K., is a leader in high-speed connectivity and cust