At last check shares of the San Diego company were up 1.4% at $136.49, while Nvidia was little changed at $717.46.
Cristiano Amon, Qualcomm’s incoming chief executive, told the Telegraph it would be prepared to buy a stake in Arm alongside a consortium of industry players if owner SoftBank SFTBY were to float the company instead of selling it to Nvidia.
"If Arm has an independent future, I think you will find there is a lot of interest from a lot of the companies within the ecosystem, including Qualcomm, to invest in Arm,” Amon said, according to the Telegraph.
If Arm moves out of SoftBank "and it goes into a process of becoming a publicly traded company, [with] a consortium of companies that invest, including many of its customers, I think those are great possibilities," Amon said.
"To grow and meet the demands of the AI era, Arm needs much more than an IPO," Nvidia said in a statement. "Arm needs an infusion new technology that it can provide to Arm licensees everywhere, which is why we stepped up and agreed to buy Arm."
Nvidia said that "our technologies and Qualcomm’s are highly complementary -- we’d welcome Qualcomm’s help in creating new technologies and products for the entire Arm ecosystem.”
Qualcomm did not immediately responded to a request for comment.
Oliver Dowden, the U.K.'s secretary of state for digital, culture, media and sport, said in April that regulators were intervening in the semiconductor company's proposed billion acquisition of Arm Ltd.
The group argued the deal would grant Nvidia control over a critical supplier that licenses essential chip technology to companies such as Apple (AAPL) - Get Report, Amazon (AMZN) - Get Report, Samsung SSNLF and Huawei.
In January, the chipmaker unveiled more than 70 new laptops that will feature its latest hardware, as well as the GeForce RTX 3060 graphics card for desktops.
Qualcomm in April reported fiscal-second-quarter results that topped analyst estimates.
Arm's technology goes into chips powering billions of devices shipping each year - everything from smartphones to video cameras to hard drives to washing machines.