Intel has sold its share stake in British chip company Arm Holdings, generating over $140 million based on Arm's average stock price. Intel struggles to keep up with competitors like AMD, Qualcomm, and Nvidia in developing high-performance chips optimized for AI workloads. Intel is undergoing a major restructuring and cost-cutting effort. The company plans to cut around 15,000 jobs, eliminate its fiscal fourth quarter dividend, and reduce capital expenditures as part of a cost reduction plan. Its manufacturing operations have also lost market share to TSMC and Samsung, and it is working to grow its chip foundry business.
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00:00It's Benzinga, and here's what's on the block.
00:03Intel has sold its share stake in British chip company ARM Holdings, generating over
00:07$140 million based on ARM's average stock price.
00:11Intel is struggling to keep up with competitors like AMD, Qualcomm, and NVIDIA in developing
00:15high-performance chips optimized for AI workloads.
00:19Intel is undergoing a major restructuring and cost-cutting effort.
00:23The company plans to cut around 15,000 jobs, eliminate its fiscal fourth-quarter dividend,
00:27and reduce capital expenditures as part of a cost-reduction plan.
00:31Its manufacturing operations have also lost market share to TSMC and Samsung, and it is
00:36working to grow its chip foundry business.
00:38For all things money, visit Benzinga.com.