U.S. chipmaker Qualcomm agreed to acquire Alphawave for about $2.4 billion on Monday, as it expands into the booming AI data center market, sending shares of the British semiconductor company up by almost a quarter.

The deal for the U.K.-listed semiconductor company comes as Qualcomm seeks to boost its portfolio of technology for AI, data centers and storage.

Qualcomm Inc. has agreed to buy London-listed semiconductor company Alphawave IP Group Plc for about $2.4 billion in cash to expand its technology for artificial intelligence.