Broadcom is exploring a massive acquisition of $80 billion Qualcomm

Albert Gea/Reuters

Semiconductor giant Broadcom is exploring a possible acquisition of $80 billion Qualcomm, according to a Bloomberg News report citing people familiar with the matter. It would be the biggest-ever purchase of a semiconductor manufacturer.

Shares of Qualcomm surged roughly 8% on the news, while Broadcom's stock climbed 1.7%.

According to the Bloomberg report, Broadcom is in talk with financial advisers. At present time, no final decisions have been made.

Broadcom, which has a market value of $110 billion, just announced on Thursday that it's moving its headquarters to the US from Singapore.

This comes at a time when Qualcomm itself is trying to complete a $47 billion of NXP Semiconductors. The M&A activity in the space shows just how much consolidation is taking place.