Sell-offs for Intel ( INTC -2.69% ) Trading in the stock market persisted on Wednesday. The semiconductor company’s stock closed the day’s trading session with a decrease of 2.7%, as reported by the data. S&P Global Market Intelligence is the name of a company. .
Intel released its most recent 13F filing to the Securities and Exchange Commission after the market closed yesterday. SEC The report displayed the stock ownership positions held by institutional investors and asset managers. It disclosed that Intel had divested its investment in a UK-based chip designer. Arm Holdings , and investors seem dissatisfied with the decision.
Intel drops its investments in Arm.
In the second quarter, Intel disposed of its entire ownership of 1.18 million shares of Arm stock, as per the 13F filing. Reuters approximated that the sale would yield around $146.7 million in cash, based on the average stock price during that time.
Intel is currently undergoing significant cost reduction and restructuring efforts, and the decision to sell off its equity holdings may indicate further financial challenges for the company. Despite having a market capitalization of around $85 billion, the sale of stocks may not have a major impact overall, but it does eliminate a potential boost for the company. In 2024, Intel’s stock has dropped by approximately 60%, whereas Arm’s stock has increased by 67.5% during the same period.
Intel received some positive news today.
Investors in Intel have been lacking positive news recently. Even though the stock decreased in today’s trading, there was one good development for the company.
Today, Karma Automotive released a statement revealing a new collaboration with Intel to create software-defined vehicle architecture (SVDA) for future car models. The initial car to utilize this technology will be the Karma Kaveya coupe, set to debut in 2026 with an estimated price tag of $300,000. The SVDA system aims to enhance driving capabilities and pave the way for additional advancements in automotive features.
Although the collaboration with Karma is not expected to significantly boost Intel’s performance in the near future, it may mark the beginning of a larger effort for the company’s automotive sector. Intel, known for its expertise in semiconductors, is likely to share updates on its automotive division, artificial intelligence initiatives, and manufacturing operations at the upcoming Deutsche Bank Technology Conference on August 29, 2024.
