Strategic missteps and the artificial intelligence boom have combined to reshape the fortunes of the U.S.’s most storied semiconductor company.

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.

The Wall Street Journal reported Friday that San Diego-based wireless giant Qualcomm has approached Intel about a possible takeover of the ailing chip maker.

Qualcomm Inc. has approached Intel Corp. to discuss a potential acquisition of the struggling chipmaker, people with knowledge of the matter said, raising the prospect of one of the biggest-ever M&A deals.

According to anonymous sources, Qualcomm is exploring an acquisition of Intel. No offer has been made, but it is still in development.

Qualcomm has approached fellow US chipmaker Intel in recent days about a possible takeover, the Wall Street Journal reported Friday. Intel has suffered a string of setbacks in recent years, and a Qualcomm acquisition would be a big deal for the global chip market.

Intel, once the world’s largest chipmaker, has been struggling with flagging sales and mounting losses — exacerbated by the loss of its technological edge.

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.