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.