Qualcomm generates less revenue than Intel. It reported $35.8 billion in sales in fiscal 2023, compared with Intel's $54.2 billion during the same period.

A potential deal would be complicated by antitrust and national security matters. Both Intel and Qualcomm do business in China, and both have seen deals scuttled by Chinese antitrust enforcers. Intel was unsuccessful with its attempted acquisition of Tower Semiconductor, as was Qualcomm in its bid to acquire NXP Semiconductor.