Intel shares surged 6% in late afternoon trading (now halted) after a Wall Street Journal report revealed that Qualcomm had approached the struggling chipmaker earlier this week to discuss a potential acquisition. 

Here's more from WSJ's reporting, citing people familiar with the talks:

A deal is far from certain, the people cautioned. Even if Intel is receptive, a deal of that size is all but certain to attract antitrust scrutiny, though it is also possible it could be seen as an opportunity to strengthen the country's competitive edge in chips. To get the deal done, could intend to sell assets or parts of Intel to other buyers.

It wasn't hard to see this coming...

Who will buy Intel https://t.co/EYwxLaBySF

— zerohedge (@zerohedge) August 30, 2024

This is smart. Start a bidding war. Here's the math: 

Intel has 15 fabs; the fabs alone are worth $10bn/each in liquidation value.

The value created by management is negative $50 billion. https://t.co/HkqUQJ4A6J

— zerohedge (@zerohedge) August 2, 2024

Five days ago, Intel CEO Patrick Gelsinger was citing bible verses. Now, investors are saying 'hallelujah' to end the week following the WSJ report. 

"And when he had opened the fourth seal, I heard the voice of the fourth beast say, Come and see. And I looked, and behold a pale horse: and his name that sat on him was Death, and Hell followed with him." Revelation 6:7 https://t.co/MxEE6P2YJq

— zerohedge (@zerohedge) September 20, 2024

*Developing...