By Adam Clark

Qualcomm is belatedly becoming something of an artificial-intelligence darling for the market. A prospective acquisition of an AI infrastructure software company could help keep the rally going.

The shares were pointing 5% lower ahead of the open Tuesday, though, as a broad tech selloff looked set to roil markets.

Qualcomm stock has risen 72% in the past three months as investors look ahead to its investor day on Wednesday, where the company is expected to reveal the identity of a major customer for a custom data-center chip and expand on its next-generation processor plans.

The company could be aiming to bulk out its AI product portfolio. Qualcomm is in advanced talks to buy AI developer platform Modular Inc. in a deal valued at around $4 billion, Bloomberg reported Tuesday, citing people familiar with the matter. Modular's platform is aimed at enabling developers and companies to deploy AI models efficiently across various types of hardware.

Qualcomm and Modular didn't immediately respond to requests for comment from Barron's early on Tuesday.

Write to Adam Clark at adam.clark@barrons.com

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June 23, 2026 04:04 ET (08:04 GMT)

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