Qualcomm buys Modular for $3.92B to challenge Nvidia CUDA

Qualcomm is acquiring AI startup Modular in an all-stock deal valued at roughly $3.92 billion. The acquisition gives Qualcomm a software layer that runs AI models across different chips without requiring developers to rewrite code for each processor, directly challenging Nvidia's CUDA platform. The deal is expected to close in the second half of 2026.