Qualcomm is reportedly eyeing an Intel takeover

Qualcomm apparently sees Intel’s struggling business as a potential opportunity. The San Diego chipmaker has expressed interest in acquiring Intel “in recent days,” according to a new The Wall Street Journal.

Although the report cautions that such a deal is “far from certain,” it would be a sea change in the U.S. chip industry. It would also be like WSJ notes, likely raise antitrust questions. But Qualcomm’s reported interest in a takeover underscores how much Intel’s business has struggled over the past year.

Intel announced plans to cut last month as its quarterly losses climbed to $1.6 billion. Its foundry business is also facing an operating loss of $2.8 billion in the latest quarter. CEO Pat Gelsinger announced plans earlier this week to spin off its foundry business into a unit separate from the rest of Intel.

Intel declined to comment on the report. Qualcomm did not immediately respond to a request for comment.