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.

Intel Corporation shares rise on reports of Qualcomm Incorporated takeover interest due to Intel's issues & restructuring. Click for more on the INTC and QCOM deal.

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.

Chip giant Qualcomm made a takeover approach to rival Intel in recent days, according to people familiar with the matter, in what would be one of the largest and most consequential deals in recent years.

As Intel's manufacturing struggles continue, any potential deal with Qualcomm won't fix America's chipmaking dilemma.