The Australian dollar and gold fell as Australia’s market opened in the second half of the year.
Key points:Intel shares dropped on concerns that the technology giant could lose its dominance in the global marketIntel shares are down more than 10 per cent this year due to concerns over its dominanceIn February, hedge fund fund manager Steve Schoonover sold his entire investment portfolio in Intel and said he was quitting the company to invest in other ventures.
“Intel is not going to be here for another five to 10 years,” Mr Schoonow told the Australian Financial Review.
“We don’t have a future for our children and our grandchildren.”
I’m selling my entire portfolio.
I’m not going back into Intel.
I don’t want to see any part of the business.
“Mr Schoonovow said he wanted to be a full-time investment manager, and that he had a passion for the company.”
What’s interesting to me is that Intel is not the way we wanted it to be, I want to make sure that we’re not taking that away from the future, we’re trying to keep it as strong as we can and continue to be competitive in the markets,” he said.
Intel shares were down more by a third in the last week.”
When I said to myself, ‘I don’t know what I’m going to do,’ I was thinking, ‘Well, I’m never going to have a job,'” Mr Schonow said.”
And I think that’s a really good point.