Qualcomm shares drop 8 points as AI acquisition talks emerge

Shares of Qualcomm fell sharply on Tuesday, June 23, 2026, dropping 8.01 points to close at 204.13, erasing approximately $19 billion in market value. The decline came amid reports the company is in advanced talks for two major acquisitions and ahead of a key investor presentation scheduled for Wednesday.

The selloff was closely aligned with a broader downturn in the semiconductor sector, as the Philadelphia Semiconductor Index fell 7.9 percent. According to reports, Qualcomm is negotiating to acquire AI developer platform Modular Inc. for roughly $4 billion, a price significantly higher than the startup's $1.6 billion valuation from September 2024. Separately, the company is also reportedly in talks to purchase AI chip startup Tenstorrent for between $8 billion and $10 billion.

These potential deals, which together could total $12 billion to $14 billion, have raised questions about Qualcomm's financial strategy. As of March 29, the company held $9.8 billion in cash and marketable securities against $15.27 billion in debt. Analysts are scrutinizing how the acquisitions would be financed and what impact they might have on the company's share repurchase program, which saw $5.4...