Taiwan Semiconductor Manufacturing Co (TSMC) is reported to have reached out to US chip designers Nvidia, Advanced Micro Devices and Broadcom about taking stakes in a joint venture that would operate struggling chipmaker Intel’s factories.

TSMC reportedly asked its biggest customers to invest in joint venture that would operate Intel's production facilities.

TSMC has reportedly proposed a joint venture to operate Intel's foundry division, engaging companies like Nvidia, AMD, Broadcom, and Qualcomm. The plan suggests that TSMC would not hold more than a 50% stake,

Intel (INTC) stock is getting a boost on Wednesday on reports from Reuters that Taiwan Semiconductor Manufacturing Company (TSM) is in talks with fellow chipmakers Nvidia (NVDA), Advanced Micro Devices (AMD),

Taiwan Semiconductor Manufacturing has pitched Nvidia and rival chip designers Advanced Micro Devices and Broadcom the idea of taking stakes in a joint venture to operate Intel’s chip-fabrication operations,

KEY TAKEAWAYS Shares of Intel are jumping more than 7% in premarket trading Wednesday following a report that TSMC has approached U.S. chip designers Nvidia, Advanced Micro Devices, and Broadcom about forming a joint venture to own and run the chipmaker's foundry division.