In the third quarter, Alphabet made its first purchase of approximately 2.977 million Qualcomm shares, valued at around $548 million. This stake represents about 0.5% of Qualcomm's total share capital and ranks as the sixth-largest holding in Alphabet's portfolio. During the quarter, Alphabet's total portfolio value stood at approximately $88.3 billion, down about 10.9% from the previous quarter. The company increased, reduced, and fully exited positions in several stocks, with its top ten holdings accounting for 99.48% of the total. Qualcomm and Google have previously collaborated extensively across multiple areas, and Qualcomm is accelerating its expansion into the AI data center chip business. The market has interpreted this investment as Google's endorsement of Qualcomm's transformation. Following the disclosure, Qualcomm's stock price rose by about 5% at one point. However, the regulatory filing did not specify the details of the transaction, nor did it confirm that the shareholding is directly tied to procurement or cooperation arrangements with Qualcomm's AI data center business.