In an interview with CRN, Sandra Rivera (pictured) said Intel is sticking with its original plan of selling a smaller stake in the company, before spinning it off via an initial public offering in 2026 at the latest.

Intel is spinning off its chipmaking business as part of its plans to reverse billions in losses and a tumbling stock price. In an announcement on Monday, Intel CEO Pat Gelsinger said the Intel Foundry will become an independent subsidiary with “clearer separation and independence” from Intel.

Intel is considering breaking up amid struggles and declining market position. Morgan Stanley has been hired to protect against activist investors, with rumors of Qualcomm interest. Investors face uncertainty as Intel’s future direction remains unclear.