In this article, we will take a look at the top 5 biggest companies and hedge funds bullish on Ethereum. For a detailed analysis of these companies, go directly to the 10 Biggest Companies and Hedge Funds Bullish on Ethereum.
5. Intel Corporation (NASDAQ: INTC)
Number of Hedge Fund Holders: 72
Intel Corporation (NASDAQ: INTC) is a California-based technology company that makes and sells products used in electronic devices, cloud data centres, and other smart solutions. It was founded in 1968 and is ranked fifth on our list of top 10 companies bullish on Ethereum. Intel is one of the top firms investing in Ethereum through the development of special processors that are used in blockchain mining. Squirrels Research Labs, a world leader in blockchain, uses Intel processors for mining the second most popular cryptocurrency in the world.
On May 11, investment advisory Citi reiterated a Neutral rating on Intel Corporation (NASDAQ: INTC) stock citing disappointing shipment numbers for personal computers and predicting that Intel would take a hit from these sales. Intel stock was down 2% following the update.
Out of the hedge funds being tracked by Insider Monkey, Washington-based investment firm Fisher Asset Management is a leading shareholder in Intel Corporation (NASDAQ: INTC) with 29 million shares worth more than $1.4 billion.
In its Q1 2021 investor letter, Alger, an asset management firm, highlighted a few stocks and Intel Corporation (NASDAQ: INTC) was one of them. Here is what the fund said:
“Short exposure to Intel also detracted from performance. Intel designs and manufactures semiconductors for the computing and communications industries. Intel’s proprietary intellectual strength and manufacturing prowess versus the competition is deteriorating, which is causing the company to lose market share and profit opportunities. The short position detracted from portfolio returns as the share price reacted positively to the announcement of Pat Gelsinger being hired as chief executive officer, a stronger-than-anticipated quarterly earnings report driven by unusually robust PC sales that we believe are unsustainable and the unveiling of “Intel Unleashed,” a new long-term program to help improve manufacturing and spur innovation. This program involves opening two fabrication plants in Arizona, which confirms Intel’s commitment to continue as an integrated design manufacturer. Importantly, Intel continues to experience issues with its next generation server chips which are disadvantaging Intel versus the competition.”