Intel Adjusts Investment Portfolio


In a recent filing with the Securities and Exchange Commission, chip manufacturer Intel (ticker: INTC) announced changes to its investment portfolio. The company sold its entire stake in Kaltura (KLTR) and reduced its position in Joby Aviation (JOBY) by about 10%. While Intel did not provide a comment on these investment changes, the moves indicate a strategic adjustment.

Exiting Kaltura Investment

Kaltura, a technology platform that powers various video-based events, including town halls, webinars, virtual meetings, and classrooms, went public in July 2021. However, both Intel and Kaltura experienced a 49% decline in stock value in 2022. Despite a positive start in the first half of 2023, with Kaltura and Intel shares gaining 23% and 27% respectively, Intel chose to divest its entire stake in Kaltura during the second quarter. The company held 2.5 million Kaltura shares at the end of the first quarter.

Trimming Joby Aviation Position

Joby Aviation, a company developing electric vertical take-off and landing (eVTOL) aircraft, went public in August 2021 through a merger with a special-purpose acquisition company (SPAC). After receiving a special air-worthiness certificate from the Federal Aviation Administration, Joby’s stock saw a surge, ending the first half of 2023 with a 200% gain. In contrast, the stock had experienced a 54% drop in 2022 due to waning investor interest in SPAC-related companies. Intel sold 3.6 million Joby shares during the second quarter, resulting in a remaining holding of 36.8 million shares.

Intel’s Strategic Moves

The recent performance of Kaltura and Joby stocks validates Intel’s decision to adjust its investment positions. Since the end of the second quarter, Kaltura stock has declined by 7%, and Joby stock has fallen by 15%. In contrast, Intel stock has seen a 7% increase during the same period.

These investment adjustments from Intel showcase its strategic approach to managing its portfolio for optimal performance. By divesting its stake in Kaltura and reducing holdings in Joby Aviation, Intel aims to position itself for future success in the evolving market.

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