US chip maker Broadcom is in talks to buy software developer VMware, the Financial Times reported.

“The deal, which could be worth more than $50 billion, would turn the semiconductor group into a diversified technology company, (operating in areas) ranging from chips to cloud computing services,” the publication wrote.

VMware has long been considered one of the most important companies in the cloud computing industry. The company’s services are used by large corporations to manage private and public cloud networks, as well as data centers. However, the company’s stock has fallen hard in recent years, making it a takeover target. Since peaking in May 2019 ($205.52), VMware’s stock has fallen 53%, and since the beginning of 2022, it’s down 17.4% to $95.71.