Intel sells stake in Arm for US$150 million
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Struggling chip company Intel Corp. (Santa Clara, Calif.) sold its stake of 1.18 million shares in processor IP licensor Arm Holdings during the 2Q24, according to Reuters report.
Intel would have raised about US$146.7 million from the sale, based on the average price of Arm’s shares between April and June, Reuters said.
Intel recently said it was going to cut 15,000 jobs – or about 15 percent of its workforce – slash capital expenditure and suspend its dividend after announcing disappointing financial results for 2Q24.
Nonetheless Intel said its five-nodes-in-four-years is close to being achieved. It remains to be seen whether this technology-drive can begin to turn the chip giant’s fortunes around.
Meanwhile fabless chips firms such as Nvidia and AMD, which use foundry TSMC to get their advanced chips made are prospering with AI processors intended for datacenters.
At the end of quarter in June Intel has cash and cash equivalents on hand of about US$11.29 billion but liabilities of about US$32 billion.