(Reuters) -Intel has approached Apple about securing an investment in the struggling chipmaker, Bloomberg News reported on Wednesday, citing people familiar with the matter.

The iPhone maker and Intel have also discussed how to work more closely together, the report said, adding that the talks are at an early stage and may not lead to an agreement. Shares of Intel closed 6% higher after the news.

Intel declined to comment, while Apple did not immediately respond to a Reuters request for comment.

The report comes days after Nvidia announced it would invest $5 billion in Intel for a roughly 4% stake in the company.

Nvidia’s pact with Intel includes a plan for the two companies to jointly develop PC and data center chips, but crucially, will not involve Intel’s contract manufacturing business making computing chips for Nvidia.

Intel CEO Lip-Bu Tan has been lining up partners as part of a turnaround at the ailing chipmaker, which has struggled to compete in the booming AI race, falling behind peers such as Nvidia and Advanced Micro Devices.

The investment from Nvidia came just weeks after the White House engineered an extraordinary deal for the federal government to take a 10% stake in the company, an agreement that would ensure Intel receives about $10 billion in funds for building or expanding factories in the U.S.

Intel received another $2 billion equity investment from SoftBank Group last month.

Striking lucrative partnerships and persuading outside clients to use Intel’s factories remain key to its future. Intel has also reached out to other companies about possible investments and partnerships, according to the Bloomberg News report.

The reported investment from Apple would come as another vote of confidence for Intel – Apple had been a longtime customer of Intel before it transitioned to using its own custom-designed silicon chips in 2020.

For Apple, which relies heavily on Intel’s rival TSMC to manufacture its chips, the new partnership would allow it to diversify its chipmaking supplier base – a move that would be valuable if geopolitical risks in Taiwan worsen due to China’s role in the region.

It would also help Apple improve its relationship with U.S. President Donald Trump, by showing that it is investing in the United States – while much of Apple’s supply chain remains international, the company has committed about $600 billion to domestic initiatives over the next four years.

(Reporting by Deborah Sophia in Bengaluru; Editing by Shinjini Ganguli)