Alchemy Semiconductor
Founded	1999 Austin, Texas
Fate	Acquired by AMD
Defunct	2002
Headquarters	Austin, Texas

Alchemy Semiconductor was an American fabless semiconductor company that specialized in developing low-power MIPS microprocessor designs.

Alchemy was founded in Austin, Texas, in 1999 with an investment Cadence Design Systems, Inc. The original Alchemy development team consisted of former DEC Alpha and StrongARM engineers. In May 2000, Alchemy Semiconductor became a solely independent company through funding from US Venture Partners (USVP), Austin Ventures, and Telos Ventures.

In January 1, 2002 AMD announced its plans to acquire Alchemy in order to compete against Intel's XScale.