Semiconductor giant Intel won’t spin out its venture arm, Intel Capital, after all.

During Intel’s Q1 earnings call Thursday, Intel CEO Lip-Bu Tan said the company has reversed its decision to spin out its 34-year-old venture arm. Instead, Intel Capital will remain internal and continue to invest with Intel’s interests in mind.

“We have made the decision not to spin off Intel Capital, 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 and start the process of deleveraging this year,” Tan said on the call.

It’s a stark change in Intel’s plans for Intel Capital.

Intel announced in January that Intel Capital was going to strike out on its own. Shortly after the announcement, Intel Capital VP and senior managing director Mark Rostick told TechCrunch that the firm had considered spinning out multiple times over the years.

“We thought our track record merited attention from outside investors,” Rostick told TechCrunch. “We had done really well, even while, you know, a lot of the venture industry hasn’t been able to realize exits, we’d had some success doing that, so we felt like we could position ourselves as a bit of an outlier there.”

Talks about spinning out got more serious last year — and reportedly had support from Intel’s ex-CEO Pat Gelsinger. The original plan was for Intel Capital to become independent by the third quarter of this year; Intel would remain an investment partner.

Now, it seems that won’t come to pass.