Qualcomm shares jump 14% on Modular acquisition, guidance upgrade

Qualcomm shares rose 14% after hours following plans to acquire Modular Inc., an AI inference software startup, for $3.92 billion in stock. The chipmaker raised its fiscal 2029 non-handset revenue target to $40 billion and previewed two new data center chips, the Dragonfly C1000 and Dragonfl.