US chipmaker Intel has divested its entire stake in British chipmaker ARM. The troubled US chip giant sold its 1.18 million shares in the second quarter, according to an announcement by the regulator published on Tuesday.
Both Intel and ARM initially declined a request for comment from Reuters. Based on ARM’s average share price between April and June, Intel likely earned about $146.7 million from the sale, according to the news agency’s calculations.
The move is part of a series of extensive cost-cutting measures announced by Intel in early August, including a 15 percent reduction in its workforce and a suspension of dividend payments.
Intel is currently struggling with weaker demand for traditional data center chips and the trend toward AI processors, with the company lagging behind rivals like Nvidia. Intel shares have lost more than 59 percent of their value since the beginning of the year.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
