Qualcomm and Intel compete in several markets, including for PC and laptop chips. However, Qualcomm, unlike Intel, doesn't manufacture its own chips, and instead relies on firms such as Taiwan Semiconductor Manufacturing Company and Samsung to handle production.

On Monday, after a board meeting to discuss strategy, Intel CEO Patrick Gelsinger sent a memo to staff that reiterated the company's commitment to investing heavily in its foundry business, a project that could cost $100 billion over the next five years. It also said that it was weighing outside investment.