Form 8.3-Qualcomm Incorporated

Boussard & Gavaudan Investment Management LLP filed a Form 8.3 opening position disclosure on Dec. 11, 2025 showing only cash‑settled short exposure in Qualcomm Inc. (USD 0.0001 common) of 9,806 reference securities (reported as 0.00% of the class) as of Dec. 10, 2025; the firm recorded an increase in its short via CFDs of 1,496 reference securities at $176 per unit, reports no direct shareholdings or stock‑settled derivatives, states there are no indemnities or arrangements, and also notes disclosures in respect of Alphawave IP Group plc.

Analysis

Boussard & Gavaudan filed a Form 8.3 on 11 December 2025 disclosing an opening position in Qualcomm Inc. with the reporting date of 10 December 2025. The filing shows no direct shareholdings or stock‑settled derivatives and reports 9,806 reference securities in cash‑settled derivatives (reported as 0.00% of the class). The firm recorded an increase in a CFD short of 1,496 reference securities at a reported price of $176 per unit.

The position’s reported size is immaterial to corporate control or to the outstanding share class given the 0.00% reporting figure, indicating a tactical or hedging exposure rather than an activist stake. Use of cash‑settled instruments (CFDs) rather than physical stock avoids voting rights and suggests the exposure is intended to express short bias or manage directional risk without acquiring equity. The filing also states there are no indemnities, arrangements, or understandings relating to voting or future acquisition.

Market impact is likely limited but the disclosure is a directional signal about investor sentiment and derivatives positioning in QCOM; per‑ticker sentiment was mildly negative. Investors should monitor subsequent disclosures for increases in cash‑settled short reference securities, changes in notional exposure around the reported $176 level, and any related mentions of Alphawave IP Group plc that may indicate linked positioning. A sustained increase in CFD shorting or clustering of similar filings could precede localized volatility or hedging flows.

Key Decisions for Investors

• Treat the current Boussard & Gavaudan CFD short (9,806 refs, 0.00%) as informational and immaterial to control; avoid changing core QCOM exposure unless notional increases materially
• Monitor subsequent Form 8.3/8 filings and daily trading around $176; if reported cash‑settled shorts rise meaningfully, consider trimming long exposure or raising cash
• If you are long QCOM and seek protection, prefer targeted short‑dated hedges (puts or collars) over wholesale position reduction given the small disclosed position
• Watch for additional disclosures referencing Alphawave IP Group plc or coordinated filings that could change the interpretation of the short exposure and increase volatility