Billionaire Michael Price’s Top 5 Stock Picks

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1. Intel Corporation (NASDAQ: INTC)

Intel tops the list of billionaire Michael Price’s top 10 stock picks. The hedge fund sold 12% of its stake in Intel Corporation (NASDAQ: INTC) during the fourth quarter. Intel’s stock price has bounced back strongly during the first quarter due to restructuring strategies and improving demand. INTC stock price rose 21% since the beginning of this year.

Third Point LLC, which generated a net return of 16.1% for the fourth quarter, highlighted Intel Corporation in their Q4 investor letter. Here is what Third Point LLC said:

“After building a significant stake in Intel in Q4, we sent a letter on December 29th to Intel’s Board Chairman, Omar Ishrak. We shared our views regarding Intel’s dramatic underperformance and suggested certain steps the company could take to remedy a rapidly deteriorating outlook. We highlighted an urgent need for Intel to address its “brain drain” of engineering talent, the chief cause of the manufacturing and design deficiencies that have led to its declining market share.

Shortly after our note and engagement with the company, Intel announced it was bringing back Pat Gelsinger as its new CEO. Gelsinger is a respected engineer and manager who previously spent 30 years of his career working closely with Intel’s legendary founders during the company’s best days. With a background in electrical engineering and prior roles such as head of Intel’s digital enterprise group, desktop products group, and Intel Labs, and as the company’s first CTO, Gelsinger has the deep technical expertise needed to address Intel’s current execution issues. He also has a history of success in reinvigorating major organizations. During his eight-year tenure as CEO of VMWare, he put the on-premise company on a path to the hybrid cloud and positioned it for several years of growth ahead.”

You can also take a peek at Billionaire Carl Icahn’s Top 10 Picks and Cathie Wood’s Top 10 Stock Picks.

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