Lauren Thomas, Laura Cooper, and Asa Fitch, reporting for The Wall Street Journal (News+):

Chip giant Qualcomm made a takeover approach to rival Intel in recent days, according to people familiar with the matter, in what would be one of the largest and most consequential deals in recent years. A deal for Intel, which has a market value of roughly $90 billion, would come as the chip maker has been suffering through one of the most significant crises in its five-decade history.

A deal is far from certain, the people cautioned. Even if Intel is receptive, a deal of that size is all but certain to attract antitrust scrutiny, though it is also possible it could be seen as an opportunity to strengthen the U.S.’s competitive edge in chips. To get the deal done, Qualcomm could intend to sell assets or parts of Intel to other buyers.

Intel — once the world’s most valuable chip company — had seen its shares drop roughly 60% so far this year before The Wall Street Journal reported on the approach. As recently as 2020, the company had a market value above $290 billion.

If you’d told me even just 10 years ago that one of these two would acquire the other in 2024, I’d have lost my shirt betting it would be Intel acquiring Qualcomm, not the other way around. What an ignominious demise this would be for the company that put the silicon in Silicon Valley. But here we are.