According to media reports, a regulatory filing reveals that chipmaker Intel sold its 1.18 million shares in the British chip company Arm Holdings during the second quarter. Based on the average stock price of Arm between April and June, the sale is expected to generate approximately $146.7 million for Intel.
Both Intel and Arm declined to comment on the matter.
Currently, Intel is lagging behind competitors like Nvidia in the AI chip sector. As a result, Intel is laying off thousands of employees in an effort to maintain its position in the chip industry.
Earlier this month, Intel announced that due to declining semiconductor spending in traditional data centers and a shift towards AI chips, the company would lay off more than 15% of its workforce and suspend dividend payments.
Intel stated that it is focusing on developing advanced AI chips and enhancing its foundry capabilities, aiming to close the technological gap with TSMC, the world's largest chip foundry.
Under the leadership of CEO Pat Gelsinger, Intel's efforts to revitalize its foundry business have increased costs, putting pressure on profit margins and forcing the company to seek cost reductions.
Benchmark Co analyst Cody Acree commented, "This seems consistent with Gelsinger's restructuring plan mentioned in the last earnings call, as well as a renewed focus on asset liquidity and efficiency."
As of the end of June, Intel's cash and cash equivalents totaled $11.29 billion, with total current liabilities of approximately $32 billion.
Since the beginning of this year, Intel's stock price has fallen by more than 59%. On August 2, Intel's stock opened with a drop of over 26%, marking its largest decline in more than 40 years, with its market value shrinking by about $32 billion.
