Intel sells stake in Arm Holdings for $146.7 million, focusing on AI chips, cutting workforce.

From Yahoo Finance: 2024-08-13 18:20:50

Intel sold its 1.18 million share stake in Arm Holdings, raising about $146.7 million in the process. The chipmaker is cutting over 15% of its workforce and suspending its dividend, focusing on AI chips to catch up to rivals like Nvidia. The move to develop advanced AI chips and increase manufacturing capabilities under CEO Pat Gelsinger has increased costs and pressured profit margins. Intel’s stock has plummeted more than 59% this year, with a 26% drop after suspending its dividend. The company had cash and cash equivalents of $11.29 billion as of end June, with total current liabilities of about $32 billion.



Read more at Yahoo Finance: Intel sells stake in chip designer Arm Holdings