According to reports, Intel, cutting thousands of jobs as it struggles to stay relevant in the chip industry, sold its 1.18 million share stake in British chip firm Arm Holdings in the second quarter.

Intel would have raised about $146.7 million from the sale, based on Arm's average share price from April to June, as per reports.

The chipmaker announced earlier this month that it would cut more than 15 percent of its workforce and suspend its dividend amid a retreat in investment in traditional data center semiconductors and a shift to AI chips, which are lagging behind rivals such as NVIDIA.

Intel says it is focusing on developing advanced AI chips and strengthening its contract manufacturing capabilities to regain the technological advantage it lost to Taiwan's TSMC, the world's largest contract chipmaker.

The move to revitalize its shrinking foundry business under CEO Pat Gelsinger has increased Intel's costs and squeezed profit margins.

"This looks to be consistent with the restructuring plan and the renewed focus on liquidity and efficiency that Gelsinger laid out from the last conference call," says Benchmark Co analyst Cody Acree.

Santa Clara, California-based Intel had cash and cash equivalents of $11.29 billion, and total current liabilities of about $32 billion, as of the end of June.

Intel stock has lost more than 59 percent of its value so far this year, slumping 26 percent on Aug. 2 after the company suspended its dividend.