Chip maker Qualcomm would no longer be interested in completely acquiring industry peer Intel, sources report to Bloomberg. This is due to the complexities surrounding that acquisition. However, Qualcomm would still consider acquiring business units.
In September, Qualcomm reached out to ailing Intel, but waited to make a decision until the US elections, in part because of possible trade tariffs.
The Silicon Valley chip maker has lost market share to Nvidia and Taiwanese TSMC in recent years and lost its position on the Dow Jones Industrial Average after 25 years. Intel shares have fallen more than 50 percent this year. In addition, Intel has accumulated $50 billion in debt.
The companies involved did not comment on the news surrounding the acquisition.
It was announced Tuesday that Intel will receive up to $7.87 billion in grants from the US government to help fund new chip factories in four states. It is the largest award under the Chips Act to date.
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