Sell-offs for Intel (NASDAQ: INTC) stock continued Wednesday. The semiconductor company's share price ended the day's trading down 2.7%, according to data from S&P Global Market Intelligence.

After the market closed yesterday, Intel published its latest 13F filing -- a form submitted to the Securities and Exchange Commission (SEC) showing the stock ownership positions of institutional investors and asset managers. The document revealed that Intel had sold its stake in British chip designer Arm Holdings, and investors don't appear to be happy with the move.

Intel ditches Arm stock

According to Intel's 13F filing, the company sold all 1.18 million shares of Arm stock that it owned in the second quarter. Based on calculations for the company's average stock price in the period, Reuters estimated that the sale would have generated somewhere in the neighborhood of $146.7 million in cash.

Intel is in the midst of massive cost-cutting and restructuring initiatives, and the move to divest from its equity positions could be another sign of the financial strains facing the company. Given that the U.S.-based chip player currently has a market cap of roughly $85 billion, the stock sale probably isn't a big deal in the grand scheme of things -- but it does take a potential positive catalyst for the struggling company off the table. While Intel's share price has fallen roughly 60% across 2024's trading, Arm's share price is up 67.5% across the stretch.

There was a bit of good news for Intel today

Intel investors have been starved for bullish news lately. While the stock still lost ground in today's trading, there was one positive development for the company.

Karma Automotive published a press release today announcing that it had entered a partnership with Intel to develop software-defined vehicle architecture (SVDA) for upcoming cars. The first of these vehicles will be the Karma Kaveya coupe, which is expected to launch in 2026 and cost approximately $300,000 upon its release. The SVDA platform is being designed to facilitate improved driving performance and open the door for other improved features.

While the partnership with Karma is unlikely to become a major performance driver for Intel anytime soon, it could be the start of a bigger push for the chip company's automotive division. The semiconductor specialist could have more news about its auto unit, artificial intelligence projects, and fabrication business when it presents at Deutsche Bank's 2024 Technology Conference on Aug. 29.