India, Nov. 9 -- Alphabet has acquired a stake worth nearly USD 548 million in Qualcomm during the third quarter, strengthening the semiconductor company's position as it expands into AI infrastructure and data centre computing.

The investment comes at a challenging time for the smartphone industry, which is facing a significant downturn. Qualcomm is looking to diversify its revenue streams and build new growth opportunities beyond its traditional smartphone processor business.

Qualcomm shares rose 3% in premarket trading following the disclosure. The stock had fallen more than 9% on Thursday after the company reported disappointing September-quarter results, amid a wider market selloff following a Democratic win in the US midterm elect...