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

Intel has sold its 1.18 million stake in British chip company Arm Holdings, a regulatory filing showed.

The company is in the midst of restructuring and cost-cutting efforts as the it struggles to keep up with competitors in the chip race.Justin Sullivan | Getty Images News | Getty ImagesThe 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 billion at the end of June, according to itsThe chip firm, which both designs its own chips as well as manufactures them, has been struggling to keep up with other semiconductor competitors amid intensifying competition due to the AI boom.

According to Gelsinger, the company's latest losses were compounded by its decision to more rapidly produce its Core Ultra PC chips which are build to handle AI workloads.Intel and Arm did not respond to a request for comment concerning the sale when contacted by CNBC on Wednesday. Intel, which has lost nearly 60% of its stock value so far this year, was slightly up in after-hours trading, according to LSEG data.

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