5 Tech Stocks to Buy Before Market Rally Begins

3. Intel Corporation (NASDAQ:INTC)

Number of Hedge Fund Holders: 76      

Intel Corporation (NASDAQ:INTC) markets key technologies for smart devices. Intel is planning a massive investment in Europe to set up chipmaking plants across the region. It is already close to a $5 billion deal with Italian authorities in this regard. This will help the firm increase footprint in Europe, one of the biggest chip markets in the world. Bank of America claims that the firm is also expected to be “the biggest beneficiary” of the CHIPS Act recently passed that will see a massive influx of government spending in the semiconductor sector. 

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 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.”