Qualcomm made a takeover approach to chipmaker Intel in recent days, the Wall Street Journal reported on Friday, citing people familiar with the matter.
Intel’s shares reversed course to rise 8%, while Qualcomm fell 4% in afternoon trade.
Intel has been attempting to turn its business around by focusing on its chip foundry unit and artificial intelligence processors, but its shares have plummeted in recent months as it cut jobs, suspended its dividend and faced a high-profile board member resignation.
Earlier this month, Reuters reported that Qualcomm explored the possibility of acquiring portions of Intel’s design business to boost the company’s product portfolio.
Qualcomm had examined acquiring different pieces of Intel, which is struggling to generate cash and looking to shed business units and sell off other assets.
Qualcomm and Intel did not immediately respond to Reuters requests for comment.
