Shares of semiconductor company Broadcom surged following a report on Friday that Intel is considering an acquisition.
Broadcom’s stock rose 4% in after-hours trading on Friday to $264.21 after the Wall Street Journal reported of Intel’s interest in acquiring Broadcom, which engaged in a hostile takeover attempt of mobile chip maker Qualcomm.
The Wall Street Journal reported that Intel (intc) was pondering an acquisition of Broadcom as one of a number of possible deals to help Intel remain competitive if and when Broadcom (broad) buys Qualcomm (qcom). A combination of Qualcomm and Broadcom would pose a significant threat to Intel.
Intel, which makes semiconductors for data center servers and personal computers, is the larger of the three companies and has a $244.2 billion market capitalization. Broadcom, which makes wireless and mobile computer chips, has a market value of $109.5 billion, while Qualcomm is valued at $93.3 billion.
For the past few months, Qualcomm has been trying to fend off Broadcom’s unsolicited advances and has rejected multiple Broadcom bids, the most recent being for $121 billion, or $82 a share. Qualcomm has said that each of Broadcom’s bids undervalues it and has also cited regulatory concerns.
Earlier this week, the U.S. Committee on Foreign Investment was reported to be considering an investigation of a potential Broadcom takeover of Qualcomm, which prompted Qualcomm to a shareholder meeting until April. While Broadcom is incorporated in Singapore and also operates a co-headquarters in San Jose, Calif., the semiconductor giants plans to reincorporate in the U.S.
Intel shares were relatively flat in after-hours trading on Friday at $51.90.
Intel has acquired a handful of companies over the past few years like chip maker Altera for $16.7 billion and automotive component and sensor provider Mobileye for roughly $15 billion, but a possible acquisition of Broadcom would dwarf those deals.
Get Data Sheet, Fortune’s technology newsletter.
Fortune contacted Intel and Broadcom for comment and will update this story if it responds.