One fund manager sees “more cons than pros” if the companies were to combine, after the Wall Street Journal reported that Qualcomm approached Intel about a possible deal.

Strategic missteps and the artificial intelligence boom have combined to reshape the fortunes of the U.S.’s most storied semiconductor company.

The chipmaker Qualcomm has approached its rival Intel in recent days about the possibility of acquiring the slumping Silicon Valley giant, two people familiar with the matter said Friday, requesting anonymity because the talks were confidential.