Alphabet Discloses About $548 Million Qualcomm Stake Built in Q3

What happened

The filing lists GV Management Company, Alphabet's venture arm, as an associated investment manager, and reports a Qualcomm holding of 2,976,982 shares worth about $547.9 million as of Sep 30; the position was absent from the filing for the end of June, and it ranks as the sixth-largest holding, about 0.62% of the portfolio. Alphabet's third-quarter 13F portfolio totaled about $88.3 billion.

The market reaction cut both ways: Qualcomm shares rose about 3% in premarket trading on Nov 6, a day after falling more than 9% on disappointing quarterly results and a broad tech selloff. Qualcomm reported fiscal fourth-quarter results on Nov 4 and reaffirmed a target of $5 billion in data-center revenue for fiscal 2027, with a longer-term goal of more than $15 billion by fiscal 2029.

According to The Information, the stake may trace to Qualcomm's acquisition of AI software company Modular: GV had invested in Modular, and Qualcomm completed the acquisition on July 28, issuing about 18 million shares as part of the deal at an accounting purchase price of about $2.6 billion; two GV funds were listed as selling shareholders in Qualcomm's subsequent prospectus, holding about 3.196 million shares in total, which does not fully match the 2.977 million shares in the 13F. The filing itself does not say whether the holding relates to data-center chip purchases, and it does not disclose any Google orders for Qualcomm chips.

Key facts

1. Disclosed by: Alphabet's third-quarter 13F, disclosed Nov 6, 2026; GV Management Company listed as an associated investment manager
2. Holding: 2,976,982 Qualcomm shares, worth about $547.9 million as of Sep 30
3. New position: no Qualcomm holding in the filing for the end of June; the sixth-largest holding at about 0.62% of the portfolio; the third-quarter 13F portfolio totaled about $88.3 billion
4. Share price: up about 3% in premarket trading on Nov 6, after falling more than 9% on Nov 5
5. Earnings: Qualcomm reported fiscal fourth-quarter results on Nov 4 and reaffirmed a $5 billion data-center revenue target for fiscal 2027
6. Long-term targets: data-center revenue of more than $15 billion by fiscal 2029, and $40 billion in non-handset revenue
7. Amazon deal: a September agreement lets Amazon buy up to $60 billion of Qualcomm AI data-center chips and related products, with warrants
8. Source of the stake (reported): may trace to Qualcomm's acquisition of AI software company Modular, in which GV had invested
9. Deal details: Qualcomm completed the Modular acquisition on July 28, issuing about 18 million shares, at an accounting purchase price of about $2.6 billion
10. Number mismatch: the two GV funds were listed as selling shareholders holding about 3.196 million shares in total, which does not fully match the 2.977 million shares in the 13F; the filing does not link the holding to chip purchases