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

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.

The 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 by 25.

7% to 393,680 ⁠shares and ‌in ON Semiconductor 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 (Reporting by Pritam Biswas in Bengaluru; Editing by ​Sriraj Kalluvila)