At the time, Intel CEO Pat Gelsinger said the company would stop all nonessential work and has since announced it will spin off its chipmaking business, a part of the company that it had long touted as a strength over rival AMD and the many fabless chipmakers that rely on entities like Taiwan’s TSMC to produce all of their actual silicon.

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

It’s conceivable that CEO Cristiano Amon imagines some grand alliance with Intel to really challenge Nvidia in AI or sees the possibility of throwing Intel a financial lifeline or simply, he thinks its stock is too cheap.