The company is the world's largest producer of x86 CPUs for PCs and servers. It designs and manufactures most of its own chips; its smaller competitor, AMD, outsources its production to third-party foundries like Taiwan Semiconductor Manufacturing, or TSMC.

Intel (NASDAQ:INTC) stock has been getting little love on Wall Street for a while now. The company can’t seem to put a foot right. It has had

Intel stock crashed following that cost-cutting news, briefly dropping below $20 per share. Intel now trades below book value, a valuation that is almost unthinkably pessimistic. The company is still the market leader in PC and server CPUs, and its manufacturing assets are certainly not worthless.

Bloomberg reported after market close on Thursday that Intel's U.K.-based peer Arm Holdings (NASDAQ: ARM) approached the American chip giant about acquiring its product division. Citing an unnamed "person with direct knowledge of the matter," the financial news agency said the effort was rebuffed, with Intel saying the business was not for sale.

Intel (NASDAQ:INTC) remains under pressure as several key investor debates continue to swirl around the company's long-term outlook. According to Bank of America analysts, who maintain an Underperform rating with a $21 price