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.

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,

Separately, Apollo Global Management has offered to invest up to $5bn in Intel, which could be a boost to the chipmaker's efforts to revitalise its business.