Taiwan Semiconductor Manufacturing Co. (TSMC) has approached Nvidia, AMD, and Broadcom about investing in a joint venture (JV) to operate Intel’s foundry division.

Reuters with the info, citing sources familiar with the discussions.

Under the proposal, TSMC would run Intel’s foundry operations but hold no more than a 50% stake to comply with U.S. government concerns over foreign ownership. Qualcomm has also been pitched as a potential investor, though it has reportedly exited earlier discussions to buy parts of Intel. Talks remain at an early stage, with negotiations continuing after TSMC and the Trump administration announced a $100 billion U.S. investment plan for additional chip facilities.

The JV discussions come as Intel struggles with financial losses—reporting an $18.8 billion net loss in 2024, its first since 1986. President Donald Trump is keen to revive Intel’s manufacturing capabilities, and any potential deal would require U.S. government approval. Intel’s 18A chip manufacturing technology has been a key point of contention in negotiations, with Intel claiming its process is superior to TSMC’s 2-nanometer technology. Nvidia and Broadcom are already testing Intel’s 18A manufacturing techniques, while AMD is evaluating their suitability. The talks highlight complex technological and strategic challenges, including concerns over intellectual property and manufacturing differences, but TSMC is pushing for its potential investors to also be customers of Intel’s advanced manufacturing processes.