Qualcomm is reportedly thinking about buying NXP Semiconductors and both stocks are surging

Qualcomm is in talks to buy NXP semiconductors, according to the Wall Street Journal.

Qualcomm is worth $95 billion, while NXP has market cap of $32 billion. A deal could value NXP Semiconductors at more than $30 billion and happen within the next two to three months, according to the report.

The deal would add to a wave of consolidation that's swept the semiconductor industry for the past few years.

There has been a frenzy of multibillion-dollar deals in the tech industry over the past 20 months, including Intel's takeover of Altera, Avago's acquisition of Broadcom, and Dell's $67 billion takeover of EMC.

Also, Analog Devices struck a $14.8 billion deal to buy Linear Technology, Dutch chip-making company ASML bought Taiwan's Hermes Microvision for $3.1 billion, and NXP Semiconductors sold its standard-products business to a group of Chinese investors for $2.75 billion.

NXP shares jumped by as much as 15% after the news crossed. It was briefly halted for volatility.

More to come ...