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Soros Fund ramps up Intel stake to over $340 million in third quarter

By Reuters News

Nov 13 (Reuters) - Soros Fund Management, the family office of billionaire George Soros, significantly raised its stake in Intel INTC.O 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% year to date, as the company benefits from surging demand for AI data-center CPUs

  • The fund cut its stake in Apple AAPL.O by 25.7% to 393,680 shares and in ON Semiconductor ON.O by 92.7% 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

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