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Qualcomm (NASDAQ:QCOM) will make another attempt at the server processor market, Bloomberg revealed Thursday, citing people familiar with the matter.
The company is said to be looking to reduce its reliance on smartphones and tap into the fast-growing industry.
Bloomberg’s Ian King explained that Qualcomm is looking for customers for a product originating from its purchase of chip startup Nuvia, with Amazon (NASDAQ:AMZN)’s AWS business agreeing to look at Qualcomm’s offerings.
Qualcomm’s Chief Executive Officer Cristiano Amon is attempting to pivot Qualcomm away from just smartphone chips and into a broader provider of semiconductors. Still, a previous move into the server market was unsuccessful.
Qualcomm shares rallied following the news, hitting a high of $152.91. They are currently trading at $151.12, up 1.7% on the day.
Qualcomm acquired Nuvia, a provider of technology for the server industry, for approximately $1.4 billion in 2021.
