In this article, we will discuss the 5 best edge computing stocks to buy now. If you want to explore similar stocks, you can also look at the 11 Best Edge Computing Stocks to Buy Now.
5. Intel Corporation (NASDAQ:INTC)
Number of Hedge Fund Holders: 71
Intel Corporation (NASDAQ:INTC) is an American multinational corporation and technology company headquartered in Santa Clara, California. It holds a prominent position as one of the world’s leading semiconductor chip manufacturers in terms of revenue and a significant contributor to the advancement of the x86 series of instruction sets, which are widely employed in personal computers. In addition, the company offers edge computing solutions. The Intel Smart Edge Open is an open-source Mobile Edge Computing (MEC) toolkit designed to facilitate the efficient and high-performing deployment of edge platforms for applications and network functions. It empowers seamless onboarding and management, offering cloud-like flexibility across various network types.
Intel Corporation (NASDAQ:INTC) experienced a remarkable 9% surge in its stock price on October 27, fueled by the release of the company’s third-quarter earnings report, which surpassed expectations. This impressive performance can be attributed to the success of Intel’s foundry business, heightened interest in artificial intelligence, and positive signs of a PC market recovery. Intel Foundry Services (IFS), responsible for chip manufacturing for corporate and government clients, achieved outstanding results with $311 million in revenue, marking a significant 299% growth compared to the same period in the previous year.
As of the end of Q2 2023, 71 hedge funds tracked by Insider Monkey reported having stakes in Intel Corporation (NASDAQ:INTC), up from 68 in the previous quarter. The consolidated value of these stakes is over $2.55 billion. With over 11 million shares, Millennium Management was the company’s leading stakeholder in Q2.
ClearBridge Investments mentioned INTC in its Q3 2023 investor letter. Here is what the firm has to say:
“We also added to our position in Intel Corporation (NASDAQ:INTC) to take advantage of signs that it continues to make progress on its goal of regaining technology leadership. Intel appears to be executing its technology/product roadmap; the company is on track to ramp up PC and server products over the next 12 months on advanced manufacturing nodes that we believe will be more competitive with chief rival Advanced Micro Devices. We also see green shoots in the PC and server markets, with an increasing possibility of a cyclical recovery in both end markets in 2024.”
