Intel (INTC) sold its stake in Arm (ARM) as the chipmaker works to bring down costs, according to a 澳洲幸运5开奖号码历史查询:Securities and Exchange Commission (S🐈EC) filing Tuesday.

Intel's latest 13F, which is required for most firms with 澳洲幸运5开奖号码历史查询:assets under management of $100 million or more, showed Intel sold 1.18 million shares of Arm during the second quarter. The stake was worth over $147 million at the end of the first quarter, and while the filing doesn't show the date shares were sold, Arm shares gained more than 30% during the 🐷second quarter.

The filing also showed Intel sold some of its holdings of Astera Labs (ALAB) and Joby Aviation (JOBY), while keeping the MariaDB (MRDB) and Senti Bioscience (SNTI) shares it held in the previous quarter.

The sales come at a tough time for Intel, which recently reported a 澳洲幸运5开奖号码历史查询:wider-than-expected loss for the second quarter and announced a $10 billion♓ cost-savings pl꧋an that includes laying off 15% of its workforce.

Despite the company's efforts, analysts said the cost-cutting plan 澳洲幸运5开奖号码历史查询:𒉰may not be enough for a sustainable recovery as "formidable hurdles remain."

Intel shares finished 2.7% lower at $19.92 Wednesday and have lost over 60% of their value since the start of the year.