(Reuters) -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.
Qualcomm and Intel did not immediately respond to Reuters requests for comment.
(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Shounak Dasgupta)