SoftBank-owned chip tech provider Arm Holdings recently sought to acquire UK-based Alphawave to secure a crucial technology for building its own artificial-intelligence processors, according to three sources familiar with the matter.

Arm (NASDAQ:ARM) was looking to acquire British company Alphawave to attain a vital technology which is crucial for building its own AI processors, Reuters reported, citing people with knowledge of the matter.

Arm and Qualcomm have both reportedly held discussions with Alphawave about a potential takeover. The two chip giants compete in several key markets, including designing