In a single year, Qualcomm completed six acquisitions across AI and semiconductor infrastructure. The message is clear: as its traditional modem business faces long-term erosion, Qualcomm is racing to transform itself from a communications specialist into a fully integrated AI platform company.
2025 was a big year for corporate acquisitions across the board, but one company in particular made not one but six significant acquisitions in the past year. Qualcomm is responsible for much of the wireless technology and semiconductor chips powering essential functions of everyday devices, from androids to personal computers to gaming consoles. Its name originated from the phrase “quality communications,” and for much of this century, that has primarily entailed these devices.
In fact, Qualcomm has historically relied on two major customers for most of its revenue—Samsung and Apple—mirroring its leadership in 5G technology and its predecessors, and this strategy has worked for the better part of two decades. However, Apple recently announced plans to begin making all of its modems in-house by 2028. As Qualcomm’s current contract with Apple expires at that time, Qualcomm is set to lose seven billion dollars in annual revenue from Apple. This is about 15% of its current revenue. Between this and a significant one-time tax liability paid to the US government in the latest fiscal cycle, investors have been skeptical about Qualcomm’s future earnings and the firm’s stock has taken a hit over the past year.
