Intel dips after Broadcom CEO says he’s “not thinking of” M&A

Broadcom is up double digits in premarket trading after reporting better-than-anticipated earnings and a bright revenue outlook for the current quarter.

But unfortunately, there’s not too much carryover for other chip stocks as of yet, and some of management’s comments may actually dim optimism for one player in the industry.

Here’s how CEO Hock Tan responded to a question about merger and acquisition activity that specifically referenced Intel:

“M&A, no, I’m too busy — we’re too busy doing AI and VMware at this point. We’re not thinking of it at this point.”

In February, The Wall Street Journal reported that TSMC and Broadcom were considering acquiring different parts of Intel (the foundry business for the former, and the design unit for the latter).

Intel’s down about 1% in the premarket, one of worst performers in the VanEck Semiconductor ETF.