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Qualcomm Shares Rise 3% on Report Company Will Build Server Chips

Qualcomm building
A Qualcomm sign is pictured at one of its many campus buildings in San Diego. Courtesy Qualcomm

Qualcomm is considering a return to the server market with a new chip in a bid to decrease its reliance on smartphones, Bloomberg News reported on Thursday, citing people familiar with its plan.

Shares of San Diego-based Qualcomm rose nearly 3% in afternoon trading.

The chipmaker is seeking customers for a product stemming from its purchase of Nuvia, the report said, adding that Amazon’s cloud division, Amazon Web Services, has agreed to take a look at Qualcomm’s offerings.

Last year, the chipmaker acquired Nuvia, a chip startup founded by Apple veterans, with plans to put the firm’s technology into its smartphone, laptop and automotive processors.

Amazon confirmed that it has agreed to take a look at the offering, while Qualcomm said it does not comment on rumors and directed Reuters to its press release when it closed the Nuvia deal in March last year.

Qualcomm in July forecast fourth-quarter revenue below Wall Street targets, bracing for a difficult economy and a slowdown in smartphone demand that could hurt its mainstay handset chip business.

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