Is Qualcomm buying Intel?

Qualcomm approached struggling chipmaker Intel in recent days about a takeover, reported the Wall Street Journal on Friday, citing sources close to the matter.

The WSJ report said a deal was far from certain, adding that even if Intel is open-minded to the offer from Qualcomm, a deal of such a size would attract antitrust inspection.

To seal the deal, Qualcomm could attempt selling assets or parts of Intel to other buyers, according to the report.

Intel has been trying to turn its business around by focusing on its chip foundry unit and artificial intelligence processors. However, its shares have plummeted in recent months as it cut jobs, suspended its dividend, and faced a high-profile board-member resignation.

When contacted by Reuters, Intel declined to comment, while Qualcomm did not immediately respond to a request for comment.

Earlier in the month, Reuters had reported that Qualcomm looked into the possibility of acquiring parts of Intel’s design business to boost its product portfolio.

Qualcomm had surveyed acquiring different pieces of Intel, which were struggling to generate revenue and were looking to shed business units and sell off other assets, reported Reuters.

Once a giant in the chip industry, Intel has been struggling to remain afloat in the AI era and has lagged behind chip majors including Nvidia, AMD, and Taiwan Semiconductor Manufacturing Company.