# Qualcomm Nears $14B in AI Chip Deals > Source: [https://botensten.com/articles/qualcomm-modular-tenstorrent-ai-acquisitions](https://botensten.com/articles/qualcomm-modular-tenstorrent-ai-acquisitions) (canonical) > Author: iCharles News — Botensten, https://botensten.com > Published: 2026-06-26 ## TL;DR Qualcomm is nearing a $4 billion deal for AI startup Modular Inc, according to Bloomberg. That follows separate reports of an $8B–$10B bid for Tenstorrent. If both close, Qualcomm will have committed over $14 billion to AI chip acquisitions in a matter of weeks. CEO Cristiano Amon has confirmed custom ASIC data-center chip shipments are moving into 2026. Qualcomm's Investor Day on June 24 is the next date to watch. ## What Is Qualcomm Buying, and for How Much? Qualcomm is closing in on a deal to acquire **Modular Inc**, an AI chip startup, at a valuation of around **$4 billion**. People familiar with the matter told Bloomberg. The deal could be announced soon, though no final agreement has been reached. Modular runs a platform that lets developers deploy AI models across different chips without rewriting code. The startup was last valued at $1.6 billion in a September 2025 funding round. We are tracking this as one of the largest AI chip spending sprees by a single company in 2026. ## How Does This Fit With the Tenstorrent Deal? This is Qualcomm's second major AI chip acquisition reported in quick succession. [Bloomberg reported](https://www.bloomberg.com/news/newsletters/2026-04-30/qualcomm-says-it-has-a-customer-for-its-ai-data-center-chip) earlier in June that Qualcomm was in advanced talks to acquire **Tenstorrent** in a deal valued between **$8 billion and $10 billion**. [Reuters confirmed](https://www.reuters.com/technology/qualcomm-talks-buy-tenstorrent-information-reports-2026-06-15/) those talks as well. If both deals close, Qualcomm would spend **over $14 billion** on AI chip acquisitions within weeks. | Target | Reported Value | Status | |---|---|---| | Tenstorrent | $8B–$10B | Advanced talks | | Modular Inc | ~$4B | Nearing a deal | | **Combined** | **$14B+** | Neither finalized | This level of [AI capex spending](/articles/goldman-ai-capex-800-billion-2026) puts Qualcomm among the biggest movers in the AI infrastructure race. ## What Has Qualcomm Already Acquired? CEO **Cristiano Amon** has been pushing Qualcomm past its mobile-processor roots. The company has already bought: - **Ventana Micro Systems**, a RISC-V startup - **Alphawave Semi**, a connectivity IP provider Amon has also confirmed that custom ASIC data-center chip shipments have been pulled forward into calendar year 2026. ## What Technology Does Modular Bring? The precise technology Modular contributes has not been disclosed. It could be edge inference, compiler tooling, or custom silicon. Neither Qualcomm nor Modular Inc has commented on the talks. Deal structure — cash, stock, or a mix — is also unknown. Regulatory review details have not been shared. ## How Did QCOM Stock React? QCOM shares closed Monday's session **down 1.84%** at **$221.96**. The Modular report came after the close. The stock slipped a further **0.05%** to **$221.78** in after-hours trading. Despite that dip, the stock has gained roughly **44.9%** over the past year. Wall Street's reaction has been measured. Bernstein analyst **Rasgon** saw the logic in adding low-latency AI inference assets but flagged integration risk. He wrote: > "$10B may be somewhat expensive for a startup asset (though we suppose it's cheaper than Groq was...) And of course one has to wonder what the deal might mean for the company's existing portfolio (i.e would this be additive, or a hedge?)" Bernstein kept a **Market-Perform** rating and made no model changes. On the same day, **Cantor Fitzgerald** raised its QCOM price target to **$200** from **$150**, keeping a **Neutral** rating. The bank projected **$3 billion** in data center revenues. Its bull case: data center revenues hitting **$30 billion** could push the stock to **$300**. QCOM closed well above Cantor's new target. The scale of these [AI chip deals](/articles/openai-q1-2026-burn-rate) shows how fast capital is moving into AI infrastructure. For context on what that spending looks like at the model layer, see how [OpenAI lost $6.95B](/articles/openai-q1-2026-burn-rate) in a single quarter. ## When Will Qualcomm Address These Deals? The next key date is **Qualcomm's Investor Day on June 24**. Management is expected to lay out the company's AI infrastructure roadmap. Analysts will watch for any on-record comment about Modular and Tenstorrent, plus updated data-center revenue targets. Rasgon said Bernstein was waiting for "further newsflow that might be forthcoming into the company's analyst day." After that, Qualcomm reports **third fiscal quarter results on August 5, 2026**. Analyst consensus puts earnings per share at **$2.21**. That will be the first formal chance for management to address any completed deals. Over the past 90 days, analysts logged **23 downward EPS revisions** against just **one upward revision**. Expectations are cautious heading into that print. Key dates to watch: - **June 24, 2026** — Qualcomm Investor Day - **August 5, 2026** — Q3 fiscal results; EPS consensus at $2.21 ## Frequently asked questions **How much is Qualcomm reportedly paying for Modular Inc?** Qualcomm is nearing a deal to acquire Modular Inc at a valuation of around $4 billion, according to people familiar with the matter who spoke to Bloomberg. No final agreement has been reached. The deal could be announced soon, but key details — including deal structure and any regulatory review — have not been disclosed publicly. **What does Modular Inc actually do?** Modular runs a platform that lets developers deploy AI models across different computer chips without rewriting code. The startup was last valued at $1.6 billion in a September 2025 funding round. The precise technology it would contribute to Qualcomm — whether edge inference, compiler tooling, or custom silicon — has not been publicly disclosed. **How big is the Tenstorrent deal compared to Modular?** The reported Tenstorrent deal is much larger, valued between $8 billion and $10 billion, versus roughly $4 billion for Modular Inc. If both deals close, Qualcomm would have committed over $14 billion to AI chip acquisitions within a matter of weeks. Both deals remain unfinalized as of the reporting date. **What did Wall Street analysts say about these acquisitions?** Bernstein analyst Rasgon acknowledged the strategic logic of adding low-latency AI inference assets but flagged integration risk. He questioned whether the Tenstorrent price was too high and whether the deals would be additive or just a hedge. Bernstein kept a Market-Perform rating. Cantor Fitzgerald raised its QCOM price target to $200 from $150 with a Neutral rating. **When will Qualcomm officially comment on these deals?** Qualcomm's Investor Day on June 24, 2026 is the most immediate opportunity for management to address the reported acquisitions. After that, Qualcomm reports third fiscal quarter results on August 5, 2026 — the first formal chance to comment on any completed deals. Analyst EPS consensus for that quarter stands at $2.21, with 23 downward revisions in the past 90 days.