Key insights
- Soros Fund Management significantly increased its stake in Intel (INTC) during the third quarter, acquiring over 2.7 million additional shares for approximately $340 million. This move comes despite Intel's recent warnings about cash burn due to a faltering PC market and manufacturing issues. However, the company has seen a year-to-date stock increase driven by AI data-center CPU demand. The fund also reduced its holdings in Apple (AAPL) and ON Semiconductor (ON).
Nov 13 (Reuters) - Soros Fund Management, the family office of billionaire George Soros, significantly raised its stake in Intel in the third quarter, a regulatory filing showed on Friday.
Here are more details:
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The investment firm built a 2.83 million-share position valued at $340.3 million as it boosted its exposure to the major PC chip supplier
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The fund had held just 100,000 Intel shares at the end of June, according to its previous quarterly disclosure, marking one of the most striking changes in its portfolio
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Intel’s stock took a hammering late last month after the chipmaker warned of a severe cash burn this year due to the faltering PC market, bottlenecks in manufacturing and heavy spending on expanding production
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Still, the stock is up nearly 62% year to date, as the company benefits from surging demand for AI data-center CPUs
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The fund cut its stake in Apple by 25.7% to 393,680 shares and in ON Semiconductor by 92.7% to 16,594 shares
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The disclosures on Friday were made through the so-called 13F regulatory filings, which show investment firms’ portfolios and are closely watched for trends even though the data is released with a delay
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