Qualcomm to buy AI startup Modular for $4 billion in AI software push

Qualcomm said on Wednesday it would buy AI startup Modular in an all-stock deal valued at nearly $4 billion, gaining access to software that runs AI models across chips without having to write code for each processor.

Buying Modular pits Qualcomm against CUDA, the software platform that has helped underpin Nvidia’s AI dominance by ‌tying millions ⁠of ⁠developers to the $5 trillion company’s chips.

As part of the deal, Qualcomm expects to issue ​up to 19.2 million shares of its common stock to Modular’s equity holders.