5 Semiconductor Stocks to Buy on the Dip

4. Intel Corporation (NASDAQ:INTC)

Number of Hedge Fund Holders: 76      

Percentage Decline in Share Price Over Past Six Months: 29.11% 

Intel Corporation (NASDAQ:INTC) markets key technologies for smart devices. Reports indicate that the company is close to an agreement with authorities in Italy to build a new chip making plant in the country. Intel is likely to invest $5 billion into the plant. The move is part of a broader plan by the company to invest around $88 billion in Europe over the next ten years to compete with European chip makers and Chinese chip makers. The agreement with Italy is expected to be announced by the end of August. 

On August 1, Northland analyst Gus Richard maintained an Outperform rating on Intel Corporation (NASDAQ:INTC) stock with a price target of $55, noting that the firm controlled its own destiny and had a manufacturing capability that had strategic value for the US. 

At the end of the first quarter of 2022, 76 hedge funds in the database of Insider Monkey held stakes worth $3.1 billion in Intel Corporation (NASDAQ:INTC), compared to 72 in the previous quarter worth $5.5 billion.

Baron Funds, an asset management firm, mentioned Intel Corporation (NASDAQ:INTC) in its first-quarter 2022 investor letter. Here is what they said:

“Intel Corporation (NASDAQ:INTC) capital spending process is guided by a process they appropriately named “copy exactly.” This means that they attempt to “copy exactly” what they have already built and attempt to improve tried and true processes iteratively.”