Shares of Intel Corp. (INTC) rose more than 2% on Thursday and extended gains during after-market hours after a media report suggested that the company has reached a preliminary agreement with Taiwan Semiconductor Manufacturing Co.

Intel’s financial crisis may be over—with support from its biggest rival. Executives from Intel and Taiwan Semiconductor Manufacturing Co. recently discussed a preliminary agreement to form a joint venture to operate Intel’s chipmaking facilities,

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.