(Reuters) -Intel ( INTC ) has sold its 1.18 million shares in British chip designer Arm Holdings in the second quarter, a regulatory filing showed on Tuesday.

Based on Arm shares' average price of $124.33 from April to June, Intel ( INTC ) would have raised about $146.7 million from the sale, according to Reuters calculations.

Intel ( INTC ) declined to comment when contacted by Reuters about the share sale.

Intel ( INTC ), which said earlier this month it would cut more than 15% of its workforce, is grappling with a pullback in spending on traditional data center semiconductors and a focus on AI chips, where it lags rivals.

The company also suspended dividends starting in the fourth quarter.