Intel sells off its shares in ARM amid cost-cutting efforts

Amid a cost-cutting effort that has seen layoffs and the cancellation of Intel Innovation 2024, Intel has now sold its stake in ARM. The company held over a million shares in the chip maker, but they have since been sold off. 

With 1.18 million shares going out, Intel should raise around $146 million USD from the sale, according to Reuters' calculations. While Intel and ARM are not commenting on this, Benchmark Co analyst, Cody Acree, told Reuters that the move looks to be “consistent with the restructuring plan” laid out by Intel CEO, Pat Gelsinger, earlier this year after Intel posted massive back to back quarterly financial losses.

To turn things around, Intel is shutting down a number of projects and letting go of roughly 15 percent of its workforce. Part of these financial woes simply come from the massive expenditures involved in setting up new semiconductors, which Intel is now placing all around the globe in hopes of starting up a for-hire chip making business to rival the likes of TSMC and Samsung, while also bolstering production of its own in-house chips.

KitGuru Says: Intel has faced down moments over the years but it has always pulled through. I don't doubt that this current situation will follow the same path. 

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