It seems that Qualcomm sees Intel’s struggling business as a potential opportunity. The San Diego-based chipmaker has reportedly expressed an interest in taking over Intel “in recent days,” according to a new report in The Wall Street Journal.

Though the report cautions that such a deal is “far from certain,” it would be a major upheaval in the US chip industry. It would also, as The WSJ notes, likely raise antitrust questions. But Qualcomm’s reported interest in a takeover underscores just how much Intel’s business has struggled over the last year.

Intel announced plans to cut 15,000 jobs last month as its quarterly losses climbed to $1.6 billion. Its foundry business is also struggling, with an operating loss of $2.8 billion last quarter. CEO Pat Gelsinger announced plans earlier this week to separate its foundry business into a separate unit from the rest of Intel.

Intel declined to comment on the report. Qualcomm didn’t immediately respond to a request for comment.

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