Intel’s top executives are reportedly bracing to pitch a new cost-cutting plan to its board members later this month, Reuters revealed, a strategy which would see the US chipmaker divest some of its assets and refocus capex.

The plan could involve the sale of Intel’s programmable chips unit Altera, as well as the suspension of a $32 billion plant project in Germany, Reuters’ sources claimed. The latter is part of Intel’s strategy to “reduce the company’s spending on factory expansion”.

Consulting giants Morgan Stanley and Goldman Sachs have reportedly been hired to advise Intel’s board of directors on what businesses it could sell, with the meeting set to take place at some point in the middle of this month.

Reuters noted the agenda, proposed by Intel CEO Pat Gelsinger (pictured), is yet to include plans to auction its contract manufacturing business Intel Foundry to a buyer, such as Taiwan’s TSMC, though strategy around its manufacturing operations are not “finalised” and could change ahead of the big meeting.

The report came a matter of weeks after Intel sold its stake in UK chip design outfit Arm, from which it raised around $147 million.

It also recently trimmed its headcount by more than 15 per cent to help advance its $10 billion cost-saving and restructuring drive it announced in a Q2 financial results presentation.

Intel had also suspended a move to build a $25 million Israeli facility in June, a decision it reportedly blamed on changing market dynamics.

Intel has been facing a hard time competing with the likes of Nvidia, with its market value nosediving below $100 billion after a disastrous Q2 report.