Qualcomm (QCOM, Financial) shares jumped more than 4% after the U.K. takeover panel gave them more runway—pushing the deadline to firm up a bid for Alphawave IP Group out to May 27.

That's the second extension, following April's move from the 29th to the 12th, and it keeps alive the chance to seal a roughly $1.3 billion deal on a company valued at about £1 billion.

Investors are betting Qualcomm's AI ambitions—bolstered by its April purchase of MovianAI from Vietnam's VinAI—will only get stronger if it lands Alphawave's “serdes” technology for high-speed AI processor connections. With ARM stepping back, Qualcomm looks set to snag that key IP and shore up its supply chain just as chipmakers navigate tricky trade and economic conditions.

All eyes are now on whether Qualcomm will turn these talks into a firm offer by May 27—and how this M&A push might keep driving the stock higher.

Qualcomm has quietly turned up the heat lately, rallying to about $151.50 over the past month—roughly a 9% gain—even after a slip in late April. The real surge came in early May when the stock popped back with serious momentum, translating to an eye-watering near-165% annualized gain over this period. Traders seem energized by a blend of solid earnings momentum and the buzz around Qualcomm's ongoing takeover talks.