Alphabet disclosed a 2.98 million-share Qualcomm position worth $547.9 million as of September 30, held through its Google Ventures arm. The stake followed Qualcomm’s July 28 acquisition of Modular, an AI software company in which Google Ventures had invested; Qualcomm issued approximately 18 million shares in the transaction, which carried an accounting purchase price of about $2.6 billion. Modular’s software is designed to help AI models run across different hardware architectures, offering an alternative to Nvidia’s hardware-linked CUDA ecosystem. Qualcomm is expanding into data-center infrastructure through its Dragonfly processor family, custom silicon and the Modular platform, targeting $5 billion in fiscal 2027 data-center revenue and more than $15 billion annually by fiscal 2029. The company’s fiscal fourth-quarter revenue fell 8% to $10.32 billion, while handset chip revenue declined 26% to approximately $5.14 billion. Qualcomm shares fell more than 9% on November 5 after the results and a wider technology selloff, then recovered in Friday trading. Alphabet has not identified the Qualcomm holding as a direct strategic investment in data-center processors, while Qualcomm is also pursuing growth through a SpaceX partnership supporting Starlink Mobile’s planned U.S. network expansion.