Intel (INTC) Fell in Q2. Here’s Why - InvestingChannel

Intel (INTC) Fell in Q2. Here’s Why

Columbia Threadneedle Investments, an investment management company released its “Columbia Threadneedle Global Technology Growth Strategy” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the quarter, the fund returned 9.96% gross of fees and 9.72% net of fees compared to S&P Global 1200 Information Technology Index’s 12.35% return. Corporate earnings, lower interest rates, and expectations of further rate cuts, along with supportive Federal Reserve actions, led to an upward trend in stock prices. Large-cap growth stocks outperformed small-caps in the quarter. In addition, you can check the fund’s top 5 holdings for its best picks for 2024.

Columbia Threadneedle Global Technology Growth Strategy highlighted stocks like Intel Corporation (NASDAQ:INTC), in the second quarter 2024 investor letter. Intel Corporation (NASDAQ:INTC) designs, develops, manufactures, markets, and sells computing and related products and services. The one-month return of Intel Corporation (NASDAQ:INTC) was 8.48%, and its shares lost 32.57% of their value over the last 52 weeks. On September 27, 2024, Intel Corporation (NASDAQ:INTC) stock closed at $23.91 per share with a market capitalization of $100.524 billion.

Columbia Threadneedle Global Technology Growth Strategy stated the following regarding Intel Corporation (NASDAQ:INTC) in its Q2 2024 investor letter:

“Intel Corporation (NASDAQ:INTC) stumbled, and shares retreated as the company continued to struggle to right the ship as part of its shift in strategy. The company reported a weak quarter, with most results coming in below expectations, especially margins. The company did outline accelerating revenue growth in the second half of the year based off stable PC demand, the ramp up of its AI product and the recovery of end markets off of cyclical lows.”

A technician soldering components for a semiconductor board.

Intel Corporation (NASDAQ:INTC) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 75 hedge fund portfolios held Intel Corporation (NASDAQ:INTC) at the end of the second quarter which was 77 in the previous quarter. The second-quarter revenue of Intel Corporation (NASDAQ:INTC) was $12.8 billion, down 1% year-over-year and up 1% sequentially.  While we acknowledge the potential of Intel Corporation (NASDAQ:INTC) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

In another article, we discussed Intel Corporation (NASDAQ:INTC) and shared the list of AI news investors should not miss. Intel Corporation (NASDAQ:INTC) hurt Parnassus Value Equity Fund’s performance in the second quarter. In addition, please check out our hedge fund investor letters Q2 2024 page for more investor letters from hedge funds and other leading investors.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

Disclosure: None. This article is originally published at Insider Monkey.

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