Report: Google Will Endorse Qualcomm's Chips At Company Event Next Week

According to a report by Bloomberg, Alphabet Inc GOOG's Google segment will openly support QUALCOMM, Inc. QCOM's server chips.

Bloomberg, citing "people familiar with the matter," reported that Google will offer its "stamp of approval" during Qualcomm's investor event next week. Google will also commit to using Qualcomm's processors, assuming they meet certain performance goals.

Shares of Qualcomm were trading higher by nearly 4 percent with less than an hour remaining during Wednesday's session. An approval from Google could help Qualcomm's entry into the server chip market which is dominated by Intel Corporation INTC.

Shares of Intel were trading lower by around 0.5 percent late Wednesday afternoon.