Intel sells stake in UK chip designer Arm amid company-wide restructuring and cost cuts

A sign is posted in front of Intel headquarters on August 01, 2024 in Santa Clara, California.Intel has sold its 1.18 million share stake in British chip firm Arm Holdings, according to a regulatory filing, as the California chip designer shores up its balance sheet amid intense competition. The sale, disclosed on Tuesday, likely raised Intel nearly $147 million, based on Arm's average stock price between April and June.Intel had cash and cash equivalents of $11.3 billion, and liabilities of about $32 billi ...