Intel and TSMC are reportedly launching a joint chipmaking venture

Semiconductor giants Intel and TSMC are reportedly teaming up.

The two firms are said to have reached a tentative agreement to create a joint venture that will operate Intel’s chipmaking facilities, according to The Information. TSMC will have a 20% stake in the new venture.

Instead of funding its stake with capital, TSMC will share some of its chipmaking practices with Intel employees and train them, added The Information.

The Trump administration reportedly kindled the discussions in an effort to boost Intel’s turnaround efforts. Intel executives are worried about mass layoffs.

The development comes less than a month after investor and entrepreneur Lip-Bu Tan was appointed CEO of Intel. At the time, it was reported that Tan was looking to make sweeping changes at the company.

TSMC declined to comment. TechCrunch reached out to Intel for comment.