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Intel surged as much as 8% on Tuesday after activist hedge fund Third Point sent a letter to the chipmaker urging it to explore strategic alternatives, according to Reuters.
Third Point, run by billionaire investor Daniel Loeb, has amassed a nearly $1 billion stake in Intel, Reuters reported, citing people familiar with the matter.
According to the letter, which was reviewed by Reuters, Third Point is calling for immediate action from Intel Chairman Omar Ishrak to boost the company's position as a major provider of processor chips for PCs and data centers.
"Without immediate change at Intel, we fear that America's access to leading-edge semiconductor supply will erode, forcing the US to rely more heavily on a geopolitically unstable East Asia to power everything from PCs to data centers to critical infrastructure and more," the letter said.
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