Intel, a semiconductor giant that recently announced it would be taking several drastic actions to turn around what has apparently been disappointing business, including laying off 15% of its workforce as part of a cost savings plan, has sold its entire share stake in British chip firm Arm Holdings, according to a regulatory filing that surfaced this week. The shares, which totaled 1.18 million, are said to have raised $147 million for the company.
From various reports:
- “The company reported in a regulatory filing Tuesday that it no longer owns the 1.18 million shares it held three months earlier.”
- “Based on the average price of Arm’s stock during that period — $124.34 — the sale would have raised about $147 million for Intel.”
- “Intel has said it is focused on developing advanced AI chips and building out its for-hire manufacturing capabilities, as it aims to recoup the technological edge lost to [TSMC].”
- “The push to energize that contracting foundry business under CEO Pat Gelsinger has increased Intel’s costs and pressured profit margins, forcing it to seek cost cuts.”
A look at Arm’s stock performance at the time of this writing:
About Arm:
Born more than 30 years ago with the goal of designing a computer intended to run on a battery, Arm’s DNA is built around power-efficient CPUs. Today, Arm compute platforms are the most power-efficient on the planet and continue to push the thresholds of performance to enable the next generation of smart, AI-capable, visually immersive, and increasingly autonomous experiences on everything from the tiniest sensors to the smartphone to the automobile and to the datacenter. This unique combination of performance and efficiency enabled Arm to change the world by fueling the smartphone revolution – and it’s the reason Arm will power every technology revolution moving forward.