Loeb's Third Point praises Intel, avoids crowded short positions

BOSTON, Feb 10 (Reuters) - Billionaire investor Daniel Loeb called Intel’s resources “unmatched” in the semiconductor industry and said his firm, Third Point, is “excited” to be a long-term investor.

Loeb updated Third Point’s clients on progress at Intel in a letter seen by Reuters. Less than eight weeks ago he pushed the company to attract fresh talent, keep its best people, and explore deal options.

Last month the company said Pat Gelsinger, who had worked at Intel decades ago, would return as CEO after running VMware .

He also said his firm sidestepped some of January’s stock frenzy by avoiding companies many investors are betting against.

Reporting by Svea Herbst-Bayliss Editing by Chris Reese