Amid the shortage of chips globally, the semiconductor industry has been heating up with the mergers and acquisitions wave. This is especially true as Intel INTC reportedly is in talks to acquire the specialist chip production company GlobalFoundries for $30 billion, per The Wall Street Journal.The deal would help Intel to ramp up chip production at a time when demand is at the peak and the world is suffering from an acute chip shortage. It would give as the world’s largest chipmaker a huge boost as the U.S. government is also pushing to bring chip manufacturing to the United States.Intel’s new CEO Pat Gelsinger, who took over in February, announced a plan to invest $20 billion in new microchip manufacturing plants as demand for microchips has been skyrocketing worldwide. The CEO also announced a plan to make Intel a contract chip manufacturer, or a foundry that would make other company’s chips, in addition to its own.The acquisition of GlobalFoundries will be part of this effort and if completed, it would represent the biggest buyout ever for Intel. However, it’s not certain that the deal will come through and GlobalFoundries could go ahead with its planned IPO (read: IPOs See Best Q2 in 2 Decades: ETFs to Ride the Boom).The buzz came ahead of its earnings release next week on Jul 22. Intel has a Zacks Rank #2 (Buy) and an Earnings ESP of -0.40%. You can see the complete list of today’s Zacks #1 Rank stocks here.According to our surprise prediction methodology, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 or 3 (Hold) increases the odds of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.The stock saw no earnings estimate revisions over the past 30 days for the to-be-reported quarter. The Zacks Consensus Estimate implies a substantial year-over-year decline of 13.8% for earnings and 10.1% for revenues. But Intel’s earnings surprise history is impressive, with a beat of 17.69%, on average, in the last four quarters. The stock has a VGM Score of A and belongs to a top-ranked Zacks industry (top 12%).Given this, ETFs with the highest allocation to the biggest semiconductor company will be in focus. Investors should closely monitor the movement of these funds and grab the opportunity whenever it arises.Qraft AI-Enhanced U.S. Next Value ETF NVQThis fund is actively managed providing investors with long-term capital appreciation by utilizing a value investing strategy enhanced by the use of artificial intelligence. It holds 100 stocks in its basket with Intel taking the top spot at 8.2%. Information technology takes the largest share at 38.1% followed by consumer discretionary and industrials that make up for more than 22% share each. The ETF has amassed $6.3 million in its asset base since its inception last December and trades in average daily volume of 2,000 shares. It charges 75 basis points (bps) in annual fees.iShares Semiconductor ETF SOXXThis ETF follows the ICE Semiconductor Index and offers exposure to U.S. companies that design, manufacture and distribute semiconductors. It holds 30 securities in its basket with INTC taking the third spot at 7.7% allocation. The fund has amassed $7 billion in its asset base and trades in volume of about 986,000 shares a day. The product charges a fee of 46 bps a year from investors and has a Zacks ETF Rank #2 with a High risk outlook (read: 5 Top-Performing Semiconductor ETFs YTD).Invesco PHLX Semiconductor ETF SOXQThis fund tracks the PHLX Semiconductor Sector Index, holding 30 stocks in its basket. Intel occupies the fifth position with 7.7% share in the basket. SOXQ is newly debuted in the space last month and accumulated $64.6 million in its asset base. It came up with zero fees and trades in average daily volume of 43,000 shares.First Trust NASDAQ Technology Dividend Index Fund TDIVThis fund provides exposure to dividend payers within the technology sector by tracking the Nasdaq Technology Dividend Index. The product has amassed $1.6 billion in its asset base while trading in volume of around 54,000 shares per day. It charges 50 bps in annual fees and holds about 76 securities in its basket. Of these firms, Intel takes the fourth spot, making up for 7.6% of the assets. From a sector look, about one-third of the portfolio is dominated by semiconductors & semiconductor equipment, software, technology hardware, storage & peripherals and diversified telecommunication services.iShares Edge MSCI USA Value Factor ETF VLUEThis fund offers exposure to large- and mid-cap U.S. stocks with lower valuations based on fundamentals and tracks the MSCI USA Enhanced Value Index. It holds 150 stocks in its basket with INTC occupying the second position at 6.4% of assets. The ETF has amassed $16 billion in its asset base, and charges 15 bps in annual fees. It trades in an average daily volume of 1.3 million shares and has a Zacks Rank #1 (Strong Buy) with a Medium risk outlook (read: Value Investing Wins in 1H: 7 Best-Performing ETFs).VanEck Vectors Semiconductor ETF SMHThis fund provides exposure to 25 securities by tracking the MVIS US Listed Semiconductor 25 Index. Intel occupies the sixth position with 4.9% of the assets. The product has managed assets worth $5.7 billion and charges 35 bps in annual fees and expenses. It is heavily traded with volume of 3.7 million shares per day and has a Zacks ETF Rank #3 (Hold) with a High risk outlook. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Intel Corporation (INTC): Free Stock Analysis Report VanEck Vectors Semiconductor ETF (SMH): ETF Research Reports iShares Semiconductor ETF (SOXX): ETF Research Reports First Trust NASDAQ Technology Dividend ETF (TDIV): ETF Research Reports iShares MSCI USA Value Factor ETF (VLUE): ETF Research Reports QRAFT AIEnhanced U.S. Next Value ETF (NVQ): ETF Research Reports Invesco PHLX Semiconductor ETF (SOXQ): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research