Intel (NASDAQ: INTC) stock is seeing a big sell-off in Wednesday’s trading due to chip foundry news. The semiconductor company’s share price was down 7.1% as of 3 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 over Intel’s chip foundry business.

Intel has the distinction of being one of the world’s only major chip designers to also manufacture most of its own chips. The company is also making a push to grow its chip manufacturing unit as a foundry services provider for third parties. The problem is that Intel’s foundry unit has been racking up huge losses and looking shaky when it comes to hitting tech milestones and winning major fab contracts.

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

Intel recently named Lip-Bu Tan as its new CEO to replace Pat Gelsinger, and investors are wondering what approach the new leader will take with the foundry business. The company is facing a decision that will have a dramatic impact on the structural makeup of the company, and there are some good reasons to think that selling the foundry or bringing in partners to operate it as a joint venture would be the right thing for Intel. But it’s tough to gauge how much real interest there is from TSMC and other tech players.

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