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Investing.com -- Alphawave IP Group (LON:AWE) said on Monday that the U.K. Takeover Panel had granted an extension for Qualcomm (NASDAQ:QCOM) to submit a formal acquisition offer, moving the deadline to May 27.
The previous deadline of May 12 had been set after Alphawave and Qualcomm agreed to extend the original April 29 cutoff, as required under U.K. takeover rules, amid ongoing discussions between the two companies.
Alphawave has attracted interest from major players including Qualcomm and Arm, largely due to its key role in developing "serdes" technology—an essential component for building AI chips.
Qualcomm recently reported stronger-than-expected earnings for its fiscal second quarter. The company posted adjusted earnings per share of $2.85, ahead of the $2.82 analysts had forecast. Revenue came in at $10.84 billion, also beating expectations of $10.66 billion.
Looking ahead, Qualcomm projected adjusted earnings per share of $2.70 and revenue of $10.3 billion at the midpoint for the current quarter. Analysts surveyed by LSEG had forecast $2.67 in earnings and $10.35 billion in revenue.
The revenue miss comes as tech firms face the fallout from U.S. President Donald Trump’s trade policies.
“The third-quarter estimates reflected the impact of the tariffs ‘as they stand today,” Qualcomm CFO Akash Palkhiwala told analysts during a post-earnings conference call but he added that the outlook could shift quickly depending on how U.S.-China trade relations evolve.
The company cited weak demand for its smartphone chips as a key reason for the softer forecast. Apple—Qualcomm’s biggest customer—has started developing its own modem chips, and analysts expect the iPhone maker to reduce its reliance on Qualcomm as it rolls out more in-house components.
Although Qualcomm’s chips are not currently subject to the administration’s tariffs, broader economic weakness may still weigh on demand. In a recent securities filing, the company said it remained unclear what effects the tariffs and other “related actions” could have on its operations.