Intel, which is cutting thousands of jobs as it struggles to stay relevant in the chip industry, sold its 1.18 million share stakes in British chip firm Arm Holdings in the second quarter, a regulatory filing showed on Tuesday.
Intel would have raised about $146.7 million (roughly Rs. 1,231 crore) from the sale, based on the average price of Arm’s stock between April and June, according to Reuters calculations.
The chipmaker said earlier this month that it would cut more than 15 percent of its workforce and suspend its dividend amid a pullback in spending on traditional data center semiconductors and a shift towards AI chips, where it lags rivals such as Nvidia.
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