Intel sells stake in chip designer Arm Holdings

(Reuters) -Intel has sold its 1.18 million shares in British chip designer Arm Holdings (NASDAQ:) in the second quarter, a regulatory filing showed on Tuesday.

Based on Arm shares’ average price of $124.33 from April to June, Intel (NASDAQ:) would have raised about $146.7 million from the sale, according to Reuters calculations.

Intel declined to comment when contacted by Reuters about the share sale.

Intel, which said earlier this month it would cut more than 15% of its workforce, is grappling with a pullback in spending on traditional data center semiconductors and a focus on AI chips, where it lags rivals.

The company also suspended dividends starting in the fourth quarter.