Taiwan Semiconductor Manufacturing has pitched Nvidia and rival chip designers Advanced Micro Devices and Broadcom the idea of taking stakes in a joint venture to operate Intel’s chip-fabrication operations,

Shares of Intel are jumping more than 7% in premarket trading following a report that TSMC has approached U.S. chip designers Nvidia, Advanced Micro Devices, and Broadcom about forming a joint venture to own and run the chipmaker's foundry division.

Intel (INTC) stock climbed higher Wednesday on a report that rival Taiwan Semiconductor (TSM) is in talks with a group of chipmakers, including Nvidia (NVDA) and AMD (AMD), that would run Intel’s chip manufacturing business.