Qualcomm (NASDAQ:QCOM) announced Wednesday that it plans to allocate as much as $150 million to a new fund dedicated to backing artificial intelligence startups in India.
The pledge comes as Qualcomm CEO Cristiano Amon attends the India AI Impact Summit in New Delhi, where he reaffirmed the company’s intention to deepen its engagement with India’s fast-growing AI ecosystem.
India has rapidly become one of the largest global markets for AI users, with major players such as OpenAI actively targeting the country’s consumer base through affordable subscription offerings.
Qualcomm maintains a significant presence in India, employing more than 20,000 people across three cities.
Over the past three years, the chipmaker has benefited from surging interest in artificial intelligence, as heightened demand for high-performance processors has boosted appetite for its semiconductor technologies.