Intel shares pop on report Qualcomm has approached it about takeover

Qualcomm approached Intel about a takeover in recent days, the Wall Street Journal reported on Friday, citing people familiar with the matter.

Intel shares rose 8% on the report.

The deal, if it were to happen, would be one of the largest technology mergers in years. Intel has a market cap around $96 billion.

It would cap off a dire stretch for Intel. The company’s stock had its biggest one-day drop in over 50 years in August after the firm reported disappointing earnings. Intel stock is down 53% in 2024 as investors express doubts about its costly plans to manufacture and design chips.

Qualcomm and Intel compete in several markets, including for PC and laptop chips.

Representatives for Qualcomm and Intel didn’t immediately respond to a request for comment.

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