Apollo Global Management Inc. has offered to make a multibillion-dollar investment in Intel Corp., people familiar with the matter said, providing the chipmaker with a vote of confidence in its turnaround strategy and an alternative to a potential takeover by larger rival Qualcomm Inc.

Intel takes in $8.5 billion of new funding from Apollo, in a move that would be a 'vote of confidence' in the company's turnaround strategy.

Qualcomm has approached the once-dominant chipmaker Intel for a potential buyout, turning the spotlight on the portfolio of products these chip companies have to offer. A deal would unite Qualcomm's mobile-focused Snapdragon line with Intel's dominant PC and server chip divisions,