Loeb's Third Point praises Intel, avoids crowded short positions

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BOSTON (Reuters) – Billionaire investor Daniel Loeb called Intel’s resources “unmatched” in the semiconductor industry and said his firm, Third Point, is “excited” to be a long-term investor.
Loeb updated Third Point’s clients on progress at Intel in a letter seen by Reuters. Less than eight weeks ago he pushed the company to attract fresh talent, keep its best people, and explore deal options.
Last month the company said Pat Gelsinger, who had worked at Intel decades ago, would return as Chief Executive after running VMware.
Loeb heaped fresh praise on the new CEO in the letter after having tweeted about it last month.
“It is hard to think of a better person to motivate and inspire the best of Intel’s thousands of brilliant employees who will help build the …

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