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

Arm (ARM) was reportedly looking to acquire British company Alphawave to attain a vital technology which is crucial for building its own AI processors.