Intel ( INTC ) shares surged Monday following a report Sunday that investment firm Apollo Global Management offered to invest as much as $5 billion in the troubled chipmaker.

A deal with Apollo would be Intel’s second in recent months, as the chipmaker agreed to sell Apollo a 49% stake in a chipmaking site in Ireland in June .

The Apollo report also comes just days after The Wall Street Journal reported Qualcomm ( QCOM ) approached Intel about an acquisition .

Reports Come as Intel Works To Turn Business Around

The reports come after Intel’s leadership laid out steps last week to cut costs and turn around its business by laying off workers, trimming its real estate footprint, and selling some of its holdings, among other measures.

Intel shares were up over 4% at $22.78 in pre-market trading Monday morning, following a more than 3% gain Friday. Despite recent gains, the stock has lost more than half its value since the start of the year.