Intel sells stake in chip designer Arm Holdings
-Intel, which is cutting thousands of jobs as it struggles to stay relevant in the chip industry, sold its 1.18 million share stake in British chip firm) would have raised about $146.7 million from the sale, based on the average price of Arm's stock between April and June, according to Reuters calculations.
Intel has said it is focused on developing advanced AI chips and building out its for-hire manufacturing capabilities, as it aims to recoup the technological edge lost to Taiwan's TSMC, the world's largest contract chipmaker. Santa Clara, California-based Intel had cash and cash equivalents of $11.29 billion, and total current liabilities of about $32 billion, as of end June.
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