I don't think it's common, no. In the 1980s I think it happened more often (because they had a lot of assets that weren't reflected in the valuation maybe?).
But in Qualcomm's case they were arguably undervalued because of ongoing regulation/lawsuits regarding their licensing practices. IIRC they had shipped their Amberwing Centriq CPU but the reception was kinda lukewarm.
AWS ended up introducing Graviton not long after - presumably AWS wouldn't have sourced Centriq if they had their own designs in the works.
But in Qualcomm's case they were arguably undervalued because of ongoing regulation/lawsuits regarding their licensing practices. IIRC they had shipped their Amberwing Centriq CPU but the reception was kinda lukewarm.
AWS ended up introducing Graviton not long after - presumably AWS wouldn't have sourced Centriq if they had their own designs in the works.
[1] https://en.wikipedia.org/wiki/Qualcomm_Centriq