Strategic missteps and the artificial intelligence boom have combined to reshape the fortunes of the U.S.’s most storied semiconductor company.

The chipmaker Qualcomm has approached its rival Intel in recent days about the possibility of acquiring the slumping Silicon Valley giant, two people familiar with the matter said Friday, requesting anonymity because the talks were confidential.

In a move that could reshape the landscape of the semiconductor world, The Wall Street Journal has reported that Qualcomm has expressed interest in acquiring Intel. The potential