A late-Friday report that Qualcomm recently made a "takeover approach" to Intel sent the latter company's shares higher.

Intel stock closed up 3.3% on the news, after jumping as much as 9.5% when the story first broke. Qualcomm closed down 2.9% after sinking 6% earlier, showing Qualcomm investors didn't like the idea of a tie-up between the two chip giants.

Intel was once the largest chipmaker and a US technology powerhouse. Around 2018, this leadership began to crumble as TSMC steadily moved ahead.