Form 8.3-Qualcomm Incorporated

Boussard & Gavaudan Investment Management LLP filed a Rule 8.3 opening position disclosure on Dec. 11, 2025, reporting no direct holdings in Qualcomm but a cash‑settled short derivatives exposure equivalent to 10,470 Qualcomm shares; the filing records two CFD trades increasing the short by 664 reference shares at roughly $179 per share. The manager reports no stock‑settled derivatives, no indemnities or related arrangements, and has not attached a supplemental open‑positions form; the disclosure also notes it is making a related disclosure in respect of Alphawave IP Group plc. This indicates a material short exposure by a hedge fund under the Takeover Code, a position investors and deal participants may view as relevant to market positioning or potential offer/voting dynamics.

Analysis

Boussard & Gavaudan Investment Management LLP filed a Rule 8.3 opening position disclosure dated 11 December 2025 (disclosed 12 December 2025) in respect of Qualcomm Inc., reporting zero direct holdings and a cash-settled short derivative exposure referenced to 10,470 Qualcomm shares. The filing records two CFD trades that each increased the short by 332 reference shares at prices of $179.07 and $178.88, with no stock-settled derivatives reported and no supplemental open-positions form attached.

The position structure (cash-settled CFDs only, no stock-settled options and no indemnities or arrangements declared) implies the manager holds a financially short stance or hedge without immediate ability to convert into voting stock, limiting direct influence on shareholder votes or takeover mechanics. The disclosure also flags a related disclosure in respect of Alphawave IP Group plc, suggesting multi-name positioning that may be part of a broader strategy rather than a standalone activist stake.

Market signals accompanying the filing show mild negative sentiment and a modest market-impact score, indicating the filing is noteworthy for tracking positioning and flow but is not, on its face, a clear catalyst for large structural change. Investors should therefore monitor subsequent 8.3 updates, derivative-to-stock conversions, and any amplification of the short exposure before revising fundamental views on Qualcomm or related takeover dynamics.

Key Decisions for Investors

• Monitor subsequent Rule 8.3 updates for increases in the short position or conversion to stock-settled instruments, as that would materially change voting and takeover implications
• Treat the disclosed 10,470-share cash-settled short as an observable hedge or modest directional bet rather than a decisive market catalyst unless the position grows substantially,
• If you have meaningful long exposure to Qualcomm, consider short-flow monitoring or discrete hedges while filings remain cash-settled and counterparty/expiry details are unknown,
• Watch related disclosures concerning Alphawave IP Group plc and any regulatory commentary under the Takeover Code for signs the manager is coordinating positions across names or preparing for event-driven activity