George Soros’ firm builds $340 million stake in a resurgent tech stock

Detailed summary

Learn more Another round of 13Fs has landed, and I figured Jim Simons' old firm would be a tough act to follow. Then I opened George Soros' firm's filing. One share count made me…

Another round of 13Fs has landed, and I figured Jim Simons' old firm would be a tough act to follow.

Renaissance Technologies nearly dumped its entire Nvidia (NVDA) stake while disclosing $2.24 billion in combined Micron Technologies (MU) and SpaceX holdings (SPCX).

Then I opened George Soros' firm's filing. One share count made me go back and check the previous quarter.

For those unfamiliar, Soros is a legendary investor, making his name betting against the British pound in 1992. His Quantum Fund compounded at nearly 32% annually from 1969 through mid-2000, as reported by the New York Times.

Behind those massive bets was an idea he called reflexivity. According to him, investors' beliefs can change the very businesses and economies they're betting on. As Soros put it, "financial markets always present a distorted picture of reality."

Dawn Fitzpatrick now runs the show as CEO and chief investment officer, and the firm's latest filing made me look twice at a comeback that's been building for months in Intel stock.

The chipmaker was up around 62% for the year by Nov. 13. But what caught my eye about the $340 million stake is that the firm bought in a quarter when Intel was going the other way.

Intel's comeback has been nothing short of extraordinary, with the stock up more than 50% for the year, buoyed by strong demand for its processors powering AI servers.

However, in the quarter when Soros Fund Management built its stake, the stock actually fell around 14% from June 30 to Sept. 30, as the firm increased its holdings from 100,000 shares to 2.83 million. The position grew from $14 million to $340 million because the firm held more shares, 13F.info noted.

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