Qualcomm nearing deal for AI chip startup Modular: report

Qualcomm is in advanced discussions to acquire Modular Inc in a transaction valuing the AI chip company at about $4 billion, Bloomberg News reported on Monday, citing people familiar with the ‌matter.

If completed, ⁠the ⁠deal would mark a significant step-up from the $1.6 ​billion valuation Modular secured in a funding round just ​nine months ago.

A global supplier of smartphone chips, Qualcomm has been working to reduce its reliance on the ⁠volatile handset ‌market by branching out into fast-growing areas like data center processors ⁠and autonomous vehicle chips.