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

Soros Fund Management Increases Intel Stake to Over $340 Million in Q3

Soros Fund Management's Strategic Moves in Q3 2023

Significant Increase in Intel Holdings

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.

Details of the Intel Investment

Here are more details:

Intel Share Accumulation

• 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 Stock Performance and Market Factors

• 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

Other Portfolio Adjustments

• 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

Regulatory Disclosure Information

• 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

(Reporting by Pritam Biswas in Bengaluru; Editing by Sriraj Kalluvila)