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Chipmaker Qualcomm to explore takeover of Intel.

Qualcomm Inc. has reached out to Intel Corp. regarding a possible acquisition of the struggling chipmaker, according to sources familiar with the situation. This move raises the potential for one of the largest mergers and acquisitions in history. Qualcomm, based in California, recently proposed a friendly takeover of Intel, although they are also open to considering partial acquisitions or sales.

It remains unclear if this initial proposal will lead to an agreement, and any potential deal would likely face rigorous antitrust scrutiny, requiring significant time to finalize. Qualcomm has been in discussions with U.S. regulators and believes that an all-American merger could help mitigate any regulatory concerns.

Qualcomm's interest comes at a challenging time for Intel, which is currently navigating its toughest period in 56 years under CEO Pat Gelsinger. Gelsinger is implementing a plan to revitalize the company and improve its declining stock price. While he remains optimistic about Intel’s ability to turn things around independently, he is open to exploring various transaction options. Both companies are now evaluating their choices with advisers.

Intel’s stock has dropped about 37% over the past year, bringing its market capitalization to around $93 billion. In contrast, Qualcomm's shares have surged over 50%, giving it a market value of about $188 billion. If a deal were to occur, it would rank among the largest ever recorded, according to Bloomberg data. The Wall Street Journal’s report on Qualcomm’s interest led to a more than 3% increase in Intel’s shares. Representatives from both companies declined to comment.

Although Qualcomm's move could attract interest from other companies, at least one major competitor, Broadcom Inc., is currently not pursuing an offer for Intel, despite having considered the possibility in the past. Advisers are still proposing ideas to Broadcom, though a spokesperson declined to elaborate.

Intel is on track for its third consecutive year of declining sales, projecting about $52 billion in revenue for 2024, which is only 70% of what it earned in 2021. This week, Intel's stock received a boost following several announcements that enhanced optimism surrounding Gelsinger’s turnaround strategy.

Among the key developments, Intel signed a multibillion-dollar agreement with Amazon.com Inc.’s Amazon Web Services to co-invest in a custom AI semiconductor and announced plans to restructure its struggling manufacturing division into a wholly owned subsidiary. This separation aims to reassure potential customers—some of whom compete with Intel—that they will be dealing with an independent supplier. Bloomberg had previously reported on Intel considering this option.

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