Intel has sold its stake in British chip design firm Arm.
The company was said to have raised approximately $146.7 million from the sale of its 1.18 million shares.
The sale comes amid a $10 billion cost-cutting plan implemented by Intel after it posted a $1.6bn net loss for Q2 2024 and announced it would be cutting more than 15,000 jobs from its global workforce.
The company is also planning to reduce R&D and marketing spend by billions between now and 2026, cut capex by 20 percent, and minimize the non-variable cost of goods sold by roughly $1 billion in 2025.
Separately it was also reported this week that talks between Intel and Arm’s parent company SoftBank regarding a potential AI chip venture had fallen apart.
According to a report from the FT, SoftBank has blamed Intel for the talks collapsing, with the chipmaker allegedly unable to meet the speed or volume demands put forward by the Japanese conglomerate. However, given the limited number of chip manufacturers capable of producing cutting-edge AI chips, the report said a deal between the two companies might still be reached.
Despite its financial woes, Intel is pushing ahead with its efforts to return the company to its former chipmaking glory. Earlier this month the company announced its first two 18A products were out of the fab, had powered on, and were on track to start production in 2025.
