Intel and Taiwan Semiconductor Manufacturing Co (TSMC) are reportedly joining hands to set up a new joint chipmaking venture. According to a report by The Information, the semiconductor leaders have reached an agreement to form a joint venture that would manage Intel’s Foundry business.

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.

Apple could benefit from more chip fab availability in the United States in the coming years thanks to a joint venture that will bring TSMC talent to Intel foundries.