Soros Fund Management raised its stake in Intel to over $340 million during the third quarter, a regulatory filing showed on Friday. The firm built a 2.83 million-share position, marking a major change from June. While Intel faces cash flow issues, the fund showed confidence despite cutting other tech holdings.
Nov 13 : 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:
* 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
* 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
* 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
* Still, the stock is up nearly 62 per cent year to date, as the company benefits from surging demand for AI data-center CPUs
* The fund cut its stake in Apple by 25.7 per cent to 393,680 shares and in ON Semiconductor by 92.7 per cent to 16,594 shares
* 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