Intel and Taiwan Semiconductor Manufacturing Co (TSMC) have reached a preliminary agreement to form a joint venture to operate Intel's chipmaking facilities, tech news outlet The Information reported on Thursday.

Apple supplier TSMC has reached a preliminary agreement with Intel that will see TSMC operating Intel’s chipmaking facilities, reports

Troubled chipmaking giant Intel Corp. has reached a preliminary agreement with its rival Taiwan Semiconductor Manufacturing Co. to create a joint venture that will take over the running of its chip fabrication plants in the U.S.