Shares of the San Diego-based company were up 0.51% to $155.23 on Wednesday morning.
The company said the acquisition "will further extend the leadership of Qualcomm Snapdragon platforms, and positions Snapdragon as the preferred platform for the future of connected computing."
Cristiano Amon, Qualcomm president and CEO-Elect, said in a statement that "5G, the convergence of computing and mobile architectures, and the expansion of mobile technologies into other industries are significant opportunities for Qualcomm."
Qualcomm said it plans to integrate Nuvia's processors across a broad portfolio of products, including powering flagship smartphones, next-generation laptops, infotainment systems and driver-assistance systems, among other applications.
Qualcomm cited support for the acquisition from several companies, including Microsoft (MSFT) - Get Report chief product officer Panos Panay, who said "moving forward, we have an incredible opportunity to empower our customers across the Windows ecosystem."
Based in Santa Clara, Calif., Nuvia was founded in 2019 and has about 100 employees, according to Reuters, and the company has been working on a custom CPU core design that it had said would be used in server chips.
Nuvia founders Gerard Williams III, Manu Gulati and John Bruno, and their employees will be joining Qualcomm. The three men are are former Apple (AAPL) - Get Report top semiconductor executives in charge of iPhone chips.
Apple filed a lawsuit in Santa Clara County Superior Court against Williams, who left the company last year after more than nine years as chief architect for the custom processors that power iPhones and iPads to start Nuvia, Reuters said.
Judge Mark H. Pierce last week issued a tentative ruling allowing the case to proceed but barring Apple from seeking punitive damages.