Qualcomm is to sell its augmented reality business, Vuforia, to software house PTC for $65m. The move is common practice for the chip giant, which often sets up autonomous businesses in technology areas where it has a particular interest, and then sells them on when the market has been established. However, the process is being accelerated by the company’s current restructuring effort, which is looking to cut $1.4bn in annual costs and 4,500 jobs, under pressure from activist investors. There is still speculation that Qualcomm may break up entirely, spinning off its famous licensing division, but for now, it is stopping short of that, and going for more incremental reorganization. Vuforia was launched in 2010 at a time when interested…