Intel has sold its stake in Arm after a big rally for the chip-design stock

By Emily Bary

Latest 13-F indicates that Intel dumped its Arm position during the second quarter

Intel Corp. has sold off its stake in chip designer Arm Holdings PLC, according to a recent filing.

While Intel (INTC) owned about 1.8 million Arm shares (ARM) earlier this year, it held no position as of the end of the June quarter, the company's latest 13-F filing showed. Major investors and companies with significant public holdings are required to provide quarterly updates on the positions, and Intel's update came out late Tuesday morning.

It's unclear from the filing when exactly Intel unloaded its position. The company's Arm position was worth $147 million at the end of the June quarter.

Read: Intel CEO bought stock after selloff. That's not the signal you may think it is.

After having been purchased by SoftBank Group Corp. (JP:9984) in 2016, Arm went public again last September, and Intel's position first appeared on the company's 13-F for the September quarter of 2023. Arm mentioned Intel in its prospectus, noting the company as one of numerous large technology players to ship Arm-based chips.

Intel declined to comment on the sale disclosure.

Arm shares have been hot since re-emerging on the public markets, rising 146% from their initial public offering price of $51. Shares recently changed hands just south of $125, but they traded above that point for all of the month of June, before peaking at $186.46 in July.

Intel shares, meanwhile, have struggled recently. They currently rank second to last in the S&P 500 SPX for 2024, neck and neck with shares of Warner Bros Discovery Inc. (WBD). Intel recently announced a program to cut out $10 billion in costs next year, including through the suspension of its dividend and layoffs that are expected to affect 15% of its staff.

See also: Intel's worst stock drop in decades may have been steeper if not for this factor

The company continued to own a position in Astera Labs Inc. (ALAB), worth $357 million at the end of the June quarter, as well as one in Joby Aviation Inc. (JOBY) worth $144 million. Intel also had a pair of far smaller positions as of the end of the June quarter.

Don't miss: Nvidia is one of BofA's top 'rebound' stock picks. Here are the others.

-Emily Bary

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

08-13-24 1532ET

Copyright (c) 2024 Dow Jones & Company, Inc.