Amid falling profits and capitalization, Intel sold its stake in the British company Arm Holdings in the second quarter of 2024. The company owned 1.18 million shares, which are estimated to be worth about $146.7 million. This was reported by Reuters.
Both companies declined to comment on this report.
Earlier, Intel announced that it was laying off 15% of its employees, which is about 15,000 people. In addition, the company announced that it would stop paying dividends to its investors, which led to a lawsuit.
Intel is now focused on developing advanced AI chips and increasing its production capacity to regain its technological edge in the chip manufacturing market.
During this year, the company lost about 60% of its value. On August 2 alone, the company's shares fell by 26% after the announcement of its financial results for the second quarter and news that it would stop paying dividends to investors.