Intel (NASDAQ: INTC) stock is seeing an enormous sell-off in Wednesday’s trading on account of chip foundry news. The semiconductor company’s share price was down 7.1% as of three p.m. ET.

Intel is losing ground following recent comments from a member of Taiwan Semiconductor Manufacturing‘s board of directors. The official denied reports that TSMC is considering taking on Intel’s chip foundry business.

Intel has the excellence of being considered one of the world’s only major chip designers to also manufacture most of its own chips. The corporate can be making a push to grow its chip manufacturing unit as a foundry services provider for third parties. The issue is that Intel’s foundry unit has been racking up huge losses and searching shaky on the subject of hitting tech milestones and winning major fab contracts.

Intel’s foundry struggles have prompted speculation that TSMC and other players within the chip space could step in and buy out some or all the unit. But a recent report is throwing some water on those hopes. Paul Liu, a member of TSMC’s board and in addition the pinnacle of Taiwan’s National Development Council, recently said that purchasing Intel’s foundry unit has not been considered.

Intel recently named Lip-Bu Tan as its recent CEO to exchange Pat Gelsinger, and investors are wondering what approach the brand new leader will take with the foundry business. The corporate is facing a choice that may have a dramatic impact on the structural makeup of the corporate, and there are some good reasons to think that selling the foundry or bringing in partners to operate it as a three way partnership can be the proper thing for Intel. Nevertheless it’s tough to gauge how much real interest there may be from TSMC and other tech players.

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