20 Best Cryptocurrency Stocks to Buy According to Hedge Funds

6. Intel Corporation (NASDAQ:INTC)

Number of Hedge Fund Holders: 75

The American technology company Intel Corporation (NASDAQ:INTC) manufactures, markets, and sells computing and related products and services across the world. The firm operates through segments including Client Computing Group, Data Center and AI, Network and Edge, Mobileye, and Intel Foundry. The tech giant previously launched a chip for blockchain applications such as Bitcoin mining and minting NFTs. This energy-efficient chip was referred to as a blockchain accelerator and was made to speed up blockchain tasks that needed significant amounts of computing power.

As the world becomes increasingly digital, the firm is uniquely positioned to capitalize. In the words of the company, the competitive advantage that makes Intel stand out is the breadth and depth of software, silicon, and platforms, and packaging and process with manufacturing at scale. Intel has moved beyond a PC-centric company to cater to the needs of the data-centric world. It operates as a dominant provider of silicon globally and a prominent semiconductor manufacturer.

Intel’s second quarter didn’t go quite well with revenue declining by 1% year-over-year and earnings missing expectations. The company is trying to regain its leadership in process technology through an announced $10 billion cost reduction plan. This plan is based on reducing operating expenses, reducing capital expenditures, reducing the cost of sales, and maintaining core investments to execute strategy. To prioritize liquidity, the firm is also reducing 15% of the workforce while suspending the dividend starting in the fourth quarter.

Despite the recent financial performance, Intel Corporation (NASDAQ:INTC) is making efforts to strengthen its position in the market and improve its profitability. At the same time, it is important to consider that the firm continues to be a world-class semiconductor manufacturer and a tech leader. As of Q2, the stock is held by 75 hedge funds. Citadel Investment Group is the dominant shareholder in the company with a position worth $742 million.