Alphabet Discloses $548 Million Qualcomm Stake as Google's Infrastructure Bet Spreads From Wyoming to Malaysia

Alphabet's regulatory filing on Friday revealed a roughly 2.98 million-share position in Qualcomm, valued at $547.9 million as of September 30. The 13F disclosure, reported by Reuters, offers no indication of when or how the holding was assembled. It captures a snapshot at the quarter's close rather than the timing of any purchase decision. Shares of Alphabet were up 0.9% in premarket trading.

The Qualcomm stake lands as the chipmaker works to expand its data-center processor business — a segment where Google is simultaneously raising its own profile.

Two New TPUs and a Cloud Push

On Thursday, Google added two variants to its eighth-generation TPU lineup. The TPU 8tx is built for secure, confidential inference — running AI models with sensitive data — and targets government agencies and companies in regulated industries. The TPU 8i Max is aimed at AI workloads with large context windows and data-intensive applications. Both are meant to broaden Google Cloud's AI hardware business and sharpen its challenge to Nvidia. Reuters cited the launch, alongside a broader recovery in tech stocks, as a driver of Alphabet's share price gain.

Wyoming, Malaysia and a Drone Factory

The chip news came a day after Google announced a $17 billion investment in its first data center in Wyoming, naming Tallgrass Energy, Black Hills Energy, AEP and Related Digital as partners.

That project is one piece of a wider spending map. On November 4, Google had already committed $15 billion in Malaysia for 2027–2028, covering data center complexes and more than 1 GW of additional clean energy capacity. Training initiatives tied to the plan are expected to reach around 800,000 people in Malaysia by 2031.

Wing, another Alphabet subsidiary, said Friday it will invest $125 million over two years in U.S. drone manufacturing, including its Fort Worth site. The money is intended to support production capacity for tens of thousands of aircraft a year, and takes in Wing's 15,000-square-foot facility in Fort Worth.

JPMorgan Trims Its Enthusiasm

Against that spending backdrop, JPMorgan struck a more cautious note on the AI business. According to media reports, the bank removed Alphabet from its Analyst Focus List while keeping its "Overweight" rating. The rationale: slower monetization of AI-powered search. JPMorgan also saw stronger near-term earnings momentum at Meta.