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Apollo’s offer comes shortly after news that chipmaking rival Qualcomm has approached Intel to explore a friendly acquisition.

This is especially true when that friend runs the largest cloud computing business in the world and you are a manufacturer of computer chips. That is why Intel (NASDAQ: INTC) stock soared after the company announced a new partnership with Amazon (NASDAQ: AMZN) for custom chip designs for its Amazon Web Services (AWS) subsidiary.

It's one of the company's two main divisions, with the other being its Intel Foundry Services (IFS) manufacturing arm. Early this year, Intel divided its operations in this way as part of a broader restructuring effort.

Chipmaker Intel has rejected a bid by chip designer Arm Holdings for its product division, Bloomberg reported late Thursday.

Struggling chipmaker Intel Corp (NASDAQ:INTC) continues to receive takeover proposals from chip companies, the latest being Arm Holdings Plc (NASDAQ:ARM) following Qualcomm Inc‘s (NASDAQ:QCOM) proposal earlier.

Building faster processors with more CPU cores used to be enough for Intel to dominate the chip market, but the 2020s have not been kind to the iconic tech company. As Intel struggles to remain competitive in the age of AI,