Alphabet discloses $548 million worth of Qualcomm stake

Alphabet disclosed that it held almost 3 million Qualcomm shares as of September, with the position valued at $547.9 million. Business Recorder reported the disclosure on Friday, while Qualcomm stock gained more than 3% in premarket trading.

The holding comes after Qualcomm fell short of Wall Street forecasts for quarterly smartphone-chip sales earlier this week, reflecting weaker demand. The chipmaker nevertheless projected stronger-than-expected revenue from its newer data-center business. Alphabet also expanded its SpaceX holding to about 555 million shares, up from 551.2 million previously.