Qualcomm may be trying to buy Intel

Chipmaker Qualcomm is trying to buy rival Intel, according to multiple reports.

The Wall Street Journal broke the news late Friday that Qualcomm had approached Intel about a takeover. The New York Times subsequently corroborated the story, while adding that no official offer has been made.

Even if there is an offer, it’s not clear whether Intel would accept it or if regulators would approve. (Qualcomm did not immediately responded to TechCrunch’s request for comment; Intel declined to comment.)

Once the industry leader, Intel has struggled due to a lack of mobile strategy. It reported a $1.6 billion loss in the second quarter of this year and has been implementing a $10 billion cost reduction plan that would eliminate 15,000 jobs. It’s also moving to spin out its chip foundry business as an independent subsidiary.

Intel currently has a market capitalization of around $90 billion, while Qualcomm’s is around $190 billion. Both companies have been overshadowed recently by Nvidia as the AI boom drives demand for chips.