The chipmaker Qualcomm has approached its rival Intel in recent days about the possibility of acquiring the slumping Silicon Valley giant, two people familiar with the matter said Friday, requesting anonymity because the talks were confidential.

Intel was once the largest chipmaker and a US technology powerhouse. Around 2018, this leadership began to crumble as TSMC steadily moved ahead.

Qualcomm made a takeover approach to chipmaker Intel in recent days, the Wall Street Journal reported on Friday, citing people familiar with the matter. Intel's shares closed up 3.3%, while Qualcomm fell 2.