Mobileye Global Inc MBLY The stock is trading lower on Friday after reports that Intel Corp INTC is considering a strategic sale of shares in the Israeli autonomous driving company.

Intel could sell up to 88 percent of its stake in Mobileye, Bloomberg cited familiar sources as saying. The company will decide this at Mobileye’s board meeting in New York in September.

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Mobileye Global shares have fallen over 65% in the past 12 months as the company struggled with lower auto production as the industry suffered from oversupply following the pandemic.

In August, Mobileye cut revenue and adjusted operating profit forecasts after reporting a 3% decline in second-quarter revenue. The company also pointed to upcoming challenges in the second half of 2024 due to weak demand in China.

Intel, whose share price has fallen 48 percent in the last twelve months, is currently reviewing options for its enterprise networking division, Bloomberg reported, citing familiar sources.

Revenue in the network and edge business fell by a third to $5.8 billion last year. Segment revenue fell 1% to $1.3 billion in the current quarter.

The chipmaker was unable to benefit from the boom in artificial intelligence, and its contract manufacturing unit lost Taiwan Semiconductor Manufacturing Co TSM.

Intel is currently discussing ways to increase revenue from its contract chip business by 2027 with 12 potential customers.

Price promotions: MBLY stock was down 4.91% at $12.00 in premarket trading on Friday at last check. INTC stock was up 0.26% at $19.45.

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