TSMC board member Liu Jingqing denied discussions on taking over intel's foundry business amid reports of a proposed joint venture with Nvidia, AMD, and Broadcom, DigiTimes reported.

Intel shares turnd negative in overnight trading. Intel shares have notched a notable five-day winning streak as of Tuesday — up 31% over that stretch.

TSMC has pitched U.S. chip designers Nvidia, AMD and Broadcom about taking stakes in a joint venture that would operate Intel's factories, according to four sources familiar with the matter, Reuters reported last week.

Under the proposal, the Taiwanese chipmaking giant would run the operations of Intel's foundry division, which makes chips adapted for the needs of customers, but it would not own more than 50%, the sources said. Qualcomm has also been pitched by TSMC, according to one of the sources and a separate source.