England High Court Sanctions QUALCOMM Incorporated (QCOM)'s Alphawave IP Group Acquisition

QUALCOMM Incorporated (NASDAQ:QCOM) is one of the best forever stocks to buy according to hedge funds. On December 16, the High Court of Justice in England sanctioned a scheme under which QUALCOMM Incorporated (NASDAQ:QCOM) agreed to acquire Alphawave IP Group plc.

The scheme paves the way for Qualcomm’s wholly owned subsidiary, Aqua Acquisition Sub LLC (Bidco), to acquire all of Alphawave’s issued ordinary share capital. The acquisition follows shareholders’ approval of the $2.4 billion deal, which also met regulatory conditions. The acquisition is poised to accelerate and provide assets for Qualcomm’s expansion into data centers.

Alphawave Semi has made a name for itself as a leader in high-speed wired connectivity and compute technologies. It delivers IP, custom silicon connectivity products, and chiplets to drive faster, more reliable data transfer.

“By combining our resources and expertise, we will be well-positioned to expand our product offerings, reach a broader customer base, and enhance our technological capabilities. Together, we will unlock new opportunities for growth, drive innovation, and create a leading player in AI compute and connectivity solutions,” said Tony Pialis, president and CEO of Alphawave Semi.

Meanwhile, on December 16, Cantor Fitzgerald raised Qualcomm’s price target to $185 from $170 while reiterating a neutral rating on the stock. The price target hike comes amid expectations that the company will capitalize on AI-driven demand across compute, networking, memory, and equipment.

QUALCOMM Incorporated (NASDAQ:QCOM) is a leading wireless technology innovator that designs and supplies chips (SoCs), software, and platforms for mobile devices, cars, and the Internet of Things (IoT), driving connectivity with 5G, Wi-Fi, and AI breakthroughs, essentially powering the “smart, connected world” through its essential tech like Snapdragon processors, modems, and RF systems for phones, cars, PCs, and more.

While we acknowledge the potential of QCOM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: Top 10 Materials Stocks to Buy According to Analysts and 10 Best Organic Food and Farming Stocks to Buy Now.

Disclosure: None. This article is originally published at Insider Monkey.