Qualcomm is in advanced negotiations to acquire artificial intelligence startup Modular Inc. in a deal valued at approximately $4 billion, according to a report published Jun 22, 2026. The potential acquisition is part of Qualcomm’s strategic shift to challenge Nvidia’s dominance in the AI infrastructure market. Modular, founded in Silicon Valley in 2022 by Google veterans Chris Lattner and Tim Davis, operates a platform for deploying AI models across different computer architectures. The startup was valued at $1.6 billion during a $250 million funding round less than a year ago. The deal could be announced within weeks, though discussions remain fluid and no final agreement has been reached. Qualcomm is also in advanced talks to purchase AI chipmaker Tenstorrent for up to $10 billion. Qualcomm stock fell nearly 2% on Monday and extended its decline after hours, down 0.5%. A spokesperson for San Diego-based Qualcomm declined to comment, and representatives for Modular could not immediately be reached.