Apollo Global Management Inc. has offered to make a multibillion-dollar investment in Intel Corp., according to people familiar with the matter, in a move that would be a vote of confidence in the chipmaker’s turnaround strategy.

A report by Bloomberg says the private equity firm is considering taking a sizable stake in the troubled chipmaker.

Asset manager Apollo has reportedly offered to invest up to $5 billion in Intel, as rival chipmaker Qualcomm also eyes a takeover of the struggling semiconductor giant.