Apollo’s offer comes shortly after news that chipmaking rival Qualcomm has approached Intel to explore a friendly acquisition.

U.S.-based asset management company Apollo Global Management has offered to make an investment of as much as $5 billion in Intel , Bloomberg News reported on Sunday.

Intel stock spiked Monday on a report that the chip maker has received an investment offer of up to $5 billion from Apollo Global Management.Apollo wants to invest as much as $5 billion to Intel, possibly in return for equity in the company,