Qualcomm aims to generate $22 billion in annual revenue by 2029 by expanding into markets like personal computers, networking, and automotive chips.

Cristiano Amon, Qualcomm's chief executive, has stated that his company did not need a major takeover to achieve this goal, the company initiated preliminary discussions with Intel regarding a potential acquisition in September. Yet, it does not look like the deal is going to happen.

According to Bloomberg, while the chipmaker may still explore acquiring certain divisions of Intel to expand into markets like PCs and networking, it is too concerned about Intel's debt, and regulatory hurdles.

For those not in the know, Intel has $50 billion debt, dropping CPU market share, and its struggling semiconductor manufacturing unit is an area where Qualcomm lacks expertise.

If the deal were to go ahead, there would be a swarm of anti-trust regulators swarming over it – particularly in China which is a key market for both companies.

Intel is undergoing significant restructuring under CEO Pat [kicking] Gelsinger to reclaim its competitiveness in the semiconductor market in terms of products and process technologies.

While the two united would be a hugely powerful company, it does not make much sense for Qualcomm to make such a massive takeover. Intel also probably cant see the point of selling off a bit of itself to Qualcomm either.