Shares of Intel are up about 6% to $49.73 in midday trading after both Reuters and CNBC reported that activist hedge fund Third Point is pushing the chipmaker to explore strategic alternatives. In a letter sent to the company’s chairman on Tuesday, Dan Loeb’s firm questioned whether Intel should remain an integrated device manufacturer, Reuters noted in its reporting. Third Point CEO Daniel Loeb wrote to Intel chairman Omar Ishrak that the company should take immediate action, said Reuters, which reports that the fund has amassed a nearly $1B stake in Intel, citing people familiar with the matter.