Formula that looks for any matching substrings between two cells

In Google Sheets, I'm trying to compose a formula that compares the substrings in two cells.

Substrings in each cell are separated by a space.

The formula should return TRUE if any substring in one cell also matches a substring in the other cell.

I intend to use the formula to conditionally format cells.

For example,

• if A1 contains "foo blah blah",
• and B1 contains "foo bar"
• then the formula returns TRUE (both contain "foo")
• and conditional formatting is applied to A1

I tried the following formula but it returns TRUE only if A1="foo" and FALSE if "foo" is a substring:

 =IF(FIND(B1,A1),1)>0

Any help would be greatly appreciated.