The founder of hedge fund Kynikos Associates is betting against Intel’s share price and has done so for the last six months.
Intel turned in quarterly results that disappointed Wall Street late last night.
According to Reuters, Kynikos Associates founder Jim Chanos said he’d shorted Intel’s share for six months.
He believes that despite bullish talk from Intel about its future, the semiconductor giant faces similar challenges as companies HP and IBM did.
Intel’s mainstream business is selling X86 microprocessors used in PC, but as we reported earlier today, revenues from those devices fell in its financial fourth quarter.
Intel shares fell in after hours trading on Wall Street.