Qualcomm Reportedly Loses Interest in Buying Intel

Intel’s potential sale to rival Qualcomm is reportedly now off the table. Bloomberg stated that the complexity of any deal proved off-putting for Qualcomm, though it noted that this does not preclude any further arrangements involving individual Intel units in the future.

Qualcomm was linked to a possible move on Intel in September, though Reuters reported that the Cristiano Amon-led business had been eyeing at least some elements of its rival for a while. Speculation on Intel’s future is growing after some bruising earnings left it scrambling for options. It arranged a sale of its stake in chip design business Arm in August and is working to cut its staff by 15% by the year-end to get back on track.

Shortly after the story broke, the US government confirmed it would provide Intel with $7.9 billion in funding as part of its CHIPS and Science Act program. It is a reduction from the $8.5 billion the company originally stood to receive. A statement from the US Department of Commerce confirmed this week's New York Times article stating the government would slash the sum Intel receives. NYT put the decision down to several factors, including a delayed build of a new chip plant and unease about Intel’s competitiveness.