Strategic missteps and the artificial intelligence boom have combined to reshape the fortunes of the U.S.’s most storied semiconductor company.

Intel has gone from the world's most valuable chipmaker to the target of a takeover bid, after a series of missteps in recent years has left the company in a vulnerable position.

Reports spread over the weekend that the chip giant Qualcomm is interested in acquiring another chipmaking giant, Intel. Both companies are keeping mum — for the moment — about what’s happening. Intel was founded in 1968 and since then,