Qualcomm is up more than 12% on Friday while Broadcom is bouncing around but up about 4.25%.
The deal, if it goes through, would be the largest ever takeover of a chip maker, according to Bloomberg.
Qualcomm’s shares have struggled so far this year as the company goes toe-to-toe with Apple in an ongoing legal battle. Apple has accused Qualcomm of abusing its monopolistic hold on patents for critical smartphone components.
The upward move on Friday was Qualcomm’s largest since 2008.
Broadcom is worth about $109 billion, while Qualcomm is worth about $82 billion at the time of the reports.