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.

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

Intel stock spiked Monday on a report that the chip maker has received an investment offer of up to $5 billion from Apollo Global Management.Apollo wants to invest as much as $5 billion to Intel, possibly in return for equity in the company,