Intel Offloads Stake in Arm

Intel has divested its stake of 1.18 million shares in the British semiconductor firm Arm. According to a regulatory disclosure, Intel is estimated to have garnered approximately $146.7 million from the sale, based on Arm's average stock price between April and June, as calculated by Reuters. Arm made its Nasdaq debut in September of the previous year, closing its inaugural trading day at $63.59 after being initially priced at $51 during its IPO. Notably, it ranked as the fifth most traded stock globally on its debut day. The decision by Intel to sell its stake in Arm follows the company's announcement of significant layoffs as part of a broader $10 billion cost-cutting initiative earlier this month, impacting over 15% of its global workforce. CEO Pat Gelsinger attributed the decision to stagnant revenue growth, highlighting that despite a 10% staff increase, Intel's annual revenue in 2020 surpassed the previous year's figure by approximately $24 billion. A correction has been made to reflect that Intel sold its 1.18 million share stake in Arm, rather than a $1.18 million stake.