Soros Fund Management held 2,830,000 Intel shares on 30 September, up from 100,000 on 30 June, according to its Form 13F for the third quarter, filed on 13 November. Reuters reported the increase late on 13 November. The 28.3-fold rise took the Intel row from $14.0 million to $340.3 million, by our arithmetic.
Intel closed at $59.66 on 13 November, against $120.23 on 30 September. At that close, 2,830,000 shares would be worth $168.8 million, 50.4% less than the value in the filing, by our arithmetic. The filing does not show whether Soros still holds them.
Business Pill · Concentration
An evergreen Business Engineer explainer on concentration: when a few big pieces make the total. It teaches the general idea only and does not discuss Soros or Intel.
The key insight: Between the two quarter-end snapshots, Soros’s Intel row went from 100,000 shares to 2,830,000, and the AI names we grouped rose from 15.0% to 20.3% of reported value, by our arithmetic. The filing records the position, not the reason for it.
Intel was the largest common-stock row in the September table and the second-largest row overall, behind a put position on an energy-sector ETF. The 13F for the second quarter valued the 100,000 Intel shares at $13,963,000, or $139.63 a share.
The filing reports 263 entries worth $8.51 billion, against 266 entries and $8.14 billion on 30 June, by our sum of the June table. At $340.3 million, Intel is 4.0% of that reported value, by our arithmetic.
Value of Soros Fund Management’s Intel row in its Form 13F filings for the quarters ended 30 June and 30 September 2026, and the same 2,830,000 shares at the 13 November close of $59.66 (our arithmetic; a 13F does not show whether they are still held). Source: SEC Form 13F-HR, Yahoo Finance.
The Other AI Names in the Book
Meta went from 21,776 shares to 151,505, a 7.0-fold rise, and the row reached $109.9 million. CoreWeave common stock rose from 300,000 shares to 611,700. SK Hynix depositary shares, 325,000 worth $59.8 million, and Celestica, 125,000 shares worth $45.2 million, are new rows.
Nvidia common stock fell 19.3%, from 1,064,635 shares to 858,822, by our arithmetic. Microsoft fell 35.7%, from 189,971 to 122,166 shares, Apple 25.7% and Amazon 10.8%. The Nebius row, 310,000 shares worth $85.6 million in June, is not in the September filing. TSMC depositary shares rose slightly, to 548,915.
The September table also lists put positions on Nvidia, TSMC and CoreWeave, valued at $173.5 million combined on the underlying shares, by our sum. A put gains when the share price falls, so these rows partly offset the long positions.
How Much of the Book Is AI
We grouped the long share rows of 17 companies as AI names: Intel, Nvidia, AMD, Broadcom, TSMC, Micron, SK Hynix, Marvell, Qualcomm, Amazon, Alphabet, Microsoft, Meta, CoreWeave, Celestica, IREN and Core Scientific. Options, notes, warrants and the Alphabet depositary row are left out.
By our arithmetic, those rows were worth $1.73 billion on 30 September, 20.3% of the $8.51 billion reported value, against $1.22 billion and 15.0% on 30 June. The chip rows alone came to $986 million, 11.6% of the total. The grouping is ours; the filing does not label any position.
A 13F is a quarter-end snapshot of long positions in US-listed securities. The SEC’s guidance says “You should not include short positions on Form 13F”, and the list of reportable securities “primarily includes U.S. exchange-traded stocks”. Managers file “within 45 days after the end of the calendar quarter”.
The filing states no reason for any trade. It does not show trade dates or prices, short positions, holdings outside the US, or any change after 30 September.
The Structural Read
As we read the two tables, the Intel buy came with smaller Nvidia, Microsoft, Apple and Amazon rows and new SK Hynix and Celestica rows, so the AI exposure shifted between names as well as growing.
As we read the timing, the 13F fixes only the start and end of the quarter; the $168.8 million figure is the 30 September share count at the 13 November close, not a reported holding.
SEC, Form 13F frequently asked questions
“You should not include short positions on Form 13F.”
Three Implications
FOR READERS OF 13F TRACKERS A quarter-end snapshot shows holdings, not trade dates, prices or later sales; Soros states no rationale.
FOR INTEL Soros held 2,830,000 shares on 30 September, its largest common-stock row, per the September filing.
FOR THE HEDGES The same table lists put positions on Nvidia, TSMC and CoreWeave valued at $173.5 million on the underlying shares, by our sum.
The analysis says: “Conflating these clocks produces the most common analytical errors of the moment.”
As we read it, a 13F runs on the shortest clock: a quarter-end count of shares, worth half as much six weeks later in Intel’s case. The analysis does not discuss Soros or Intel.
What Is Not Established
The filing does not show when in the quarter the Intel shares were bought, at what prices, or whether Soros held them after 30 September. The $168.8 million figure applies the 13 November close to the quarter-end share count and is not a reported holding. We did not contact Soros Fund Management for this piece.
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Soros Fund Management raised its Intel holding from 100,000 shares to 2,830,000 in the third quarter, a $340.3 million row on 30 September that would be worth $168.8 million at the 13 November close, by our arithmetic. AI names made up 20.3% of the fund’s reported value, up from 15.0% in June.
A note on sourcing. We read Soros Fund Management LLC’s Form 13F-HR filings for the quarters ended 30 June and 30 September 2026 on SEC EDGAR, including both full information tables, and the SEC’s Form 13F FAQ. Reuters reported the Intel increase; the filing is our source. Intel prices are Yahoo Finance closes, read at 23:54 UTC on 13 November. Implied prices, values, percentage changes and the AI grouping are our arithmetic. We did not contact Soros Fund Management for this piece.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
