Intel stock closed up 3.3% on the news, after jumping as much as 9.5% when the story first broke. Qualcomm closed down 2.9% after sinking 6% earlier, showing Qualcomm investors didn't like the idea of a tie-up between the two chip giants.

A late-Friday report that Qualcomm recently made a "takeover approach" to Intel sent the latter company's shares higher.

Qualcomm has reportedly approached Intel for a potential takeover, which, if successful, would mark one of the largest technology acquisitions ever, though the deal faces significant antitrust scrutiny.