Google parent reveals $548 million bet on beaten-down chip stock

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This article first appeared on GuruFocus. Alphabet Inc. (GOOGL, Financials) announced a nearly $548 million position in Qualcomm on, underscoring its investments outside of Google's primary lines of business.The filing said the corporation had approximately 3 million shares of Qualcomm as of September.Alphabet also upped its stake in SpaceX to over 555 million shares from 551.2 million earlier. On the announcement, shares of Qualcomm were up more than 3% in premarket trade.This comes following a revelation from Qualcomm that declining sales of smartphone chips had raised concerns about demand in its biggest sector.But Qualcomm is making a push into the AI data center space, where it sees better revenue potential.