Qualcomm Stock Drops on Completion of Modular Acquisition

Qualcomm's (QCOM) stock price dropped 4.21% to close at $162.88 after the company completed its acquisition of Modular, a developer of advanced software infrastructure. The deal expands Qualcomm's reach across devices, data centers, edge systems, and industrial computing.

The acquisition brings in Modular's engineering team and developer tools, which will be combined with Qualcomm's existing computing and connectivity products. This integration is expected to improve how the company delivers complete hardware and software packages.

Chris Lattner, who previously served as Modular's co-founder and CEO, has joined Qualcomm as an executive vice president to lead its advanced AI software and platforms operations. He will oversee Mojo, MAX, and Modular Cloud, which will continue under their existing product brands.