Intel is planning to spin off its networking unit as the struggling chipmaker looks to shed assets and cut costs under the direction of new CEO Lip-Bu Tan, according to a Friday report.

Intel is planning to separate its networking and communications unit into a stand-alone company and has begun the process of identifying investors, the chipmaker said on Friday, as new CEO Lip-Bu Tan looks to streamline its operations.

There are no more blank checks,” says new Intel CEO Lip-Bu Tan, as the company slashes jobs, restructures operations, and pivots toward AI and efficiency.