Intel Capital—founded in 1991 by Intel legend Les Vadász—has long been a stalwart of the CVC world. Some of the firm's exits over the years include VMware (after years in the public markets, now owned by Broadcom), Red Hat (acquired by IBM for $34 billion), and MongoDB (public since 2017). ICAP, as it's sometimes colloquially called, currently counts among its portfolio companies AI players like SambaNova, AI21 Labs, and Twelve Labs. Back in January, there was a sense that Intel Capital could make it on its own, retaining Intel as an investment partner while pursuing capital from new LPs. Fast-forward to last week: that plan was no more. On Intel's Q1 earnings call, new CEO Lip-Bu Tan—who took over in March—reversed course. "We have made the decision not to spin-off Intel Capital," Tan told analysts, "but to work with the team to monetize our existing portfolio, while being more selective on new investments that support the strategy. We need to get our balance sheet healthy."