Qualcomm

Amazon may acquire a ~$4 billion stake in Qualcomm through an AWS agreement for custom AI inference chips and high-speed optical networking. Qualcomm issued warrants for 25 million shares at $161.26; 3.75 million vested immediately, remainder contingent on commercial orders within a $60B spending framework through 2036 (non-binding). Qualcomm expects Amazon revenue in Q4, forecasts $5B data-center sales in FY2027, targeting $15B by 2029.