Intel (INTC) said Thursday it has no plans to sell its 澳洲幸运5官方开奖结果体彩网:majority stake in self-driving technology firm Mobileye (MBLY), ruling out one potential cost-saving option for the beleaguered tech giant.

Intel bought Mobileye for $15.3 billion in 2017 and spun it out into a publicly traded company in 2022. Intel holds about an 88% stake in the company.

Shares of I💟ntel rose close to 2% Thursday, w𒈔hile Mobileye jumped 15% following the statement. 

Intel Is Shedding Assets To Cut Costs

Selling part or all of its Mobileye stake was ℱ澳洲幸运5官方开奖结果体彩网:reportedly one of several cost-cutting moves Intel was consider💛ing to help stem losses, amid concerns about the company's ability to turn around the business.🍨

On Monday, CEO Pat Gelsinger said Intel would 澳洲幸运5官方开奖结果体彩网:sell a portion of its stake in its Altera programmable chip unit, and trim its real estate footprint. 💟The company said it is also about halfway to its goal of reducing its headcount by roughly 15,000 by the end of the year.

Analysts Say Intel's Latest Plans Leave 'More Questions Than Answers'

Intel shares have gained more than 7% this week after Monday evening’s update from CEO Pat Gelsinger laying out fresh plans for the chipmaker. However, several analysts said they still have concerns about Intel's next steps.

The vast majority of the 17 analysts surveyed by Visible Alpha held a "hold" rating on Intel stock as of Thursday, with Bank of America analysts writing Gelsinger's update left "more questions than answers."

Despite recent gains, Intel's stock price has fallen nearly 58% since the start of the year, making it one of the worst-performing stocks in the S&P 500.