Qualcomm recently made an acquisition offer to semiconductor maker Intel. The Wall Street Journal reported. He said Friday, citing people familiar with the matter.
Intel shares reversed course in afternoon trading, rising 8%, while Qualcomm's shares were down 4%.
Intel has been trying to turn around its business by focusing on chip manufacturing and artificial intelligence processors, but its shares have plummeted in recent months amid job cuts, dividend suspensions and the resignations of high-profile directors.
Reuters reported earlier this month that Qualcomm was exploring the possibility of buying part of Intel's design business to bolster its own product portfolio.
Qualcomm had been considering buying various parts of Intel, which has been struggling to generate cash and is looking to streamline units and sell other assets.
Qualcomm and Intel did not immediately respond to Reuters requests for comment.
