Speculation over the future of Intel ramped, with separate media reports claiming Qualcomm made an initial approach over a potential acquisition of the company, while Apollo Global Management has apparently indicated a willingness to pump up to $5 billion into the troubled chipmaker.

The Qualcomm move was reported by Reuters on Friday (20 September) and comes two weeks after the same outlet claimed the company was interested in buying specific parts of Intel’s business. The news website had initially identified the latter’s PC reference design programme and server businesses as targets.

Qualcomm CEO Cristiano Amon is said to be personally involved in the latest negotiations, which Reuters described as at an early stage with no formal offer on the table.  

As speculation over a potential blockbuster buyout of Intel by Qualcomm continued in media outlets over the weekend, Bloomberg reported Intel could be on the verge of a cash boost from investment company Apollo Global Management.

It noted the “equity-like” investment could be for up to $5 billion and would constitute a vote of confidence in the chip company’s strategy.

The stories came days after Intel detailed plans for a major restructure and cost-cutting initiative, which included pausing some major projects in Europe. During its Q2 earnings report in August, Intel unveiled plans to slash 15,000 jobs in an attempt to cut its overheads and aid attempts to refocus the business. Later in the month Bloomberg reported it had cashed-in its stake in chip design company Arm.  

Since the start of 2024 Intel’s share price is down almost 55 per cent as of the close of trading of Nasdaq-listed equities on Friday.