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.

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.

It seems that Qualcomm sees Intel’s struggling business as a potential opportunity. The San Diego-based chipmaker has reportedly expressed an interest in taking over Intel “in recent days,” according to a new report in The Wall Street Journal.