Qualcomm has approached Intel about a takeover in recent days, WSJ By Reuters reports

(Reuters) – Qualcomm has made a takeover approach to chipmaker Intel (NASDAQ: ) in recent days, the Wall Street Journal reported on Friday, citing people familiar with the matter.

Intel shares reversed course to rise 8%, while Qualcomm (NASDAQ: ) fell 4% in afternoon trading.

Intel has tried to turn its business around by focusing on its chip foundry unit and artificial intelligence processors, but its shares have fallen in recent months as it cut jobs, suspended dividends and faced with the resignation of a board member.

Qualcomm and Intel did not immediately respond to Reuters requests for comment.