Qualcomm in Talks to Acquire RISC-V Chipmaker Tenstorrent for $8-10 Billion; JPMorgan Raises Price Target to $265

According to market reports on June 17, Qualcomm is in discussions to acquire AI chipmaker Tenstorrent at a valuation between $8 billion and $10 billion. The acquisition news boosted investor confidence in Qualcomm's data center strategy, prompting JPMorgan to raise its price target to $265 per share, up over 65% from the previous $160 target.

Tenstorrent, founded in 2016 and headquartered in Santa Clara, California, develops RISC-V architecture-based AI accelerators and data center computing chips. The company is led by Jim Keller, a renowned semiconductor architect who previously worked on AMD's Athlon and Zen processors and held positions at Apple, Tesla, and Intel.