Shares of Intel (NASDAQ: INTC) were moving higher today on reports that the legacy chip giant could be acquired. While the buzz is just a rumor at this point, it was enough to send the stock up 8.2% as of 11:41 a.

The one-time Semiconductor giant's stock has been trading at levels that previously hadn’t been seen since 2015 as Intel has struggled to keep up with the AI chip movement. Shares of Intel are trading almost 70% below their 2021 highs, despite the company’s focus on returning chip manufacturing to the United States.

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The news comes as Intel shakes off a leadership transition. Pat Gelsinger stepped down as CEO on Dec 1, 2024, and retired after the board indicated it was not happy about the pace and cost of his turnaround strategy. Currently, Michelle Johnston Holthaus (Michelle Johnston Holthaus) and David Zinsner are interim co-CEOs of the company.

Shares of Intel Corp. (INTC) ripped more than 7% in morning trade on Friday after reports suggested that the company is the target of acquisition. According to a report by Semi Accurate, Intel could be acquired by a company as a whole and not just in parts,