Intel’s board has been in talks with potential buyers and the U.S. government, The Wall Street Journal said. Former CEO Gelsinger stepped down in December.

The American chipmaker missed out on the generative AI boom and is now in talks with rivals to which it lost market share, according to a report from the ‘Wall Street Journal.’ Shares of Intel Corporation (NASDAQ:INTC) surged over 10% on Tuesday on the news that rivals Broadcom and Taiwan Semiconductor Manufacturing Co.

Intel gained but a potential split of the company’s operations between Taiwan Semiconductor Manufacturing and Broadcom faces major hurdles.