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Intel (INTC.O), which is cutting thousands of jobs to maintain its foothold in the chip industry, sold its 1.18 million shares in British chip firm Arm Holdings during Q2, according to a regulatory filing on Tuesday (Aug 13). Reuters estimates the sale raised about $146.7 million based on Arm's average stock price from April to June.

Earlier this month, Intel announced plans to cut over 15% of its workforce and suspend its dividend amid declining demand for traditional data center semiconductors and a shift towards AI chips, where it lags behind competitors like Nvidia (NVDA.O).

Intel stated it is focused on developing advanced AI chips and expanding its contract manufacturing capabilities to regain the technological edge lost to TSMC (2330.TW), the world's largest contract chipmaker. This push has increased costs and pressured profit margins, leading to the need for cost cuts.

Both Intel and Arm declined to comment on the share sale. Benchmark Co analyst Cody Acree noted, "This aligns with the restructuring plan and focus on liquidity and efficiency that Gelsinger outlined in the last conference call."

As of June, Intel held $11.29 billion in cash and equivalents, with total current liabilities of around $32 billion. Intel's stock has dropped more than 59% this year, including a 26% plunge on August 2 after suspending its dividend. The stock remained nearly flat in extended trading on Tuesday.

Editor：Lulu

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