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.

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 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)