If Qualcomm chose to break in two then Intel would be the leading candidate to acquire its chip business, which is valued at between $30 billion and $40 billion, according to Reuters.

Qualcomm this week unveiled a strategic rethink which involved $1.4 billion in cost saving, including job losses. The company also inked an agreement with activist shareholder Jana Partners, which includes it getting board-level representation.

Jana has questioned Qualcomm’s valuation and mooted various options including splitting Qualcomm’s licensing and chipset businesses.

If the company adopted the split option, say analysts, then Intel is the obvious buyer for the chipset business if it became independent.

Analysts suggest Intel would be attracted for two reasons. Firstly, the giant of the PC era is still struggling in the mobile business where Qualcomm is so strong. In addition, such a deal would offer Intel a way into the Chinese market.

Other potential suitors could include a consortium backed by the Chinese government, which is eager to create a national champion in the chip business, and Samsung.

However, in reality, the same analysts are doubtful whether Qualcomm would ever spinoff its chip business because the company passes profits from licensing into chipsets.

Depriving the latter of investment would undermine its ability to fund R&D in the chip unit, hence undermining its viability to compete against rivals.

“I can’t see how they can possibly segregate the two. Whatever short term gain is derived would be more than made up with permanent loss of market share in … two to three years,” said Drexel Hamilton analyst Richard Whittington.