Top 5 Stock Picks of the Late Billionaire Michael Price

1. Intel Corporation (NASDAQ:INTC)  

MFP Investors’ Stake Value: $106 million

Percentage of MFP Investors’ Portfolio: 11.78%

Number of Hedge Fund Holders: 74

Intel Corporation (NASDAQ:INTC) is the longest-running stock holding of MFP Investors and also the firm’s largest stock holding as of December 31, worth $106 million. Shares of Intel have been under pressure over the past couple of quarters. However, the company plans to improve its revenue base by investing around $90 billion in European markets. 

In its fourth quarter investor letter, Third Point Management mentioned a few stocks, including Intel Corporation. Here is what Third Point stated:

“2021 was a highly productive year for Intel‘s new CEO, Pat Gelsinger. Despite the stock’s tepid results, we see a compelling, underappreciated fundamental story. Intel’s “brain drain” – a key part of our thesis when we first sought to help the company confront its long-time underperformance – appears to be reversing. Since joining Intel, Mr. Gelsinger has not only brought back prominent Intel former employees but has also attracted talents from competitors such as AMD, Nvidia, Apple, and, most recently, Micron’s stellar Chief Financial Officer, David Zinsner.

We are encouraged by Intel’s aggressive investment plan, including a recently announced fabrication plant in Ohio and acquisition of Tower Semiconductors. We knew from the start that Intel’s turnaround would be complex and lengthy, and we have been pleased to see Mr. Gelsinger sacrifice near-term earnings for long-term growth.

Finally, after a series of blunders across its PC and Server product lines, Intel is finally receiving good reviews for one of its upcoming processors: Alder Lake. Tom’s Hardware, a preeminent hardware publication, called Alder Lake “a cataclysmic shift in Intel’s battle against AMD’s potent Ryzen 5000 chips.” While this is just one product across a broad lineup, and given it will take time to achieve leadership across them all, we are encouraged by these tangible signs of progress under Mr. Gelsinger’s leadership. With talent returning, an improving product suite, and a willingness to invest for growth, we believe Intel’s prospects have turned the corner. We expect that the company’s upcoming analyst day will be an ideal time for Mr. Gelsinger to articulate the progress he has made and begin to reset expectations for the company.”

You can also take a look at 10 Best Semiconductor Stocks to Invest in According to Ken Griffin’s Citadel Investment Group and Consumer Staples Stocks To Buy According To Billionaire Ray Dalio.

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