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Technology Stocks : Semi Equipment Analysis
SOXX 308.38+0.6%Nov 3 4:00 PM EST
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From: Julius Wong9/20/2024 3:37:42 PM
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Intel gains after report Qualcomm has approached about a takeover

Sep. 20, 2024 3:19 PM ET
By: Joshua Fineman, SA News Editor

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Intel (NASDAQ: INTC) rose 7.5% amid a report that Qualcomm ( QCOM) has approached about a takeover. Qualcomm fell 2.9%.

Qualcomm ( QCOM) approached Intel ( INTC) in recent days, according to a WSJ report on Friday, which cited people familiar with the matter. Intel shares have plunged 58% this year through Thursday.

Intel ( INTC) has a market cap of $90 billion, while Qualcomm ( QCOM) is valued at $194 billion.

Representatives for Intel and Qualcomm declined to comment to Bloomberg on the WSJ report.

Potential interest comes amid Intel's ( INTC) ongoing financial struggles and efforts to streamline operations, which may involve divesting certain business units.

Reuters reported earlier this month that Qualcomm ( QCOM) has looked into the potential buying of Intel's (INTC) design business as the San Diego-based mobile chipmaker attempts to improve its product line. Qualcomm has been considering various parts of Intel's ( INTC) design operations, particularly its client PC design division, which is of significant interest.
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