Broadcom Ltd. is exploring a bid for San Diego-based Qualcomm Inc. according to news reports.

Both companies are chipmakers.

Broadcom keeps a presence in Irvine and a U.S. headquarters in San Jose. This week it said it planned to move its official HQ from Singapore to Delaware.

Shares of Qualcomm (Nasdaq: QCOM) were up about 14% to a $93 billion market cap following the announcement; Broadcom (Nasdaq: AVGO) was up about 5% to a $110 billion market cap.

Qualcomm is currently trying to buy Netherlands-based NXP Semiconductors NV for about $40 billion.

A Qualcomm representative declined comment.

Graves is a reporter for our sister publication, the San Diego Business Journal, where this item first appeared.