As of August 2023, Intel's biggest investors were large institutions. Index and asset managers led by The Vanguard Group, BlackRock and State Street (SSgA) held the largest stakes, and institutions together controlled about 64% of the outstanding shares according to the data sources used for this post. Insiders were reported to hold about 5%, and the remaining roughly 31% was attributed to retail investors. This post is a snapshot of Intel's ownership at that date, not a live record, and not investment advice.
Key takeaways (August 2023 snapshot)
- Institutional investors held about 64.20% of Intel (NASDAQ: INTC) shares, as reported by CNN Money.
- The ten largest institutions held 28.31% between them, or about 1.18 billion shares.
- Vanguard was the largest single holder at 8.67%.
- Insiders were reported to hold 5.10%, most of it attributed to the late co-founder Gordon Moore.
- Retail investors held the remainder, estimated at about 30.70%.
- At the post's reference price of $33.25 per share, Intel's market value was roughly $139 billion.
Intel at a glance
Intel Corporation is one of the world's largest semiconductor companies. It is known for its microprocessors, chipsets and other products that power a wide range of devices, from personal computers to data centres. At the reference price of $33.25 per share used in this post, and with about 4.17 billion shares outstanding (the figure implied by the Vanguard holding below), Intel's market capitalisation was roughly $139 billion in August 2023.
But who are the investors behind this company? Who owns the largest stakes in Intel, and how much do they control? This post answers those questions by looking at the ownership data available in August 2023, as well as some insider trading activity reported at the time.
Institutional investors
According to CNN Money, institutional investors held a majority of INTC through the 64.20% of the outstanding shares that they controlled. The same source described this as higher than at almost any other company in the semiconductor industry. Institutional investors include mutual funds, hedge funds, pension funds, banks, insurance companies and other large financial entities that buy and sell stocks in bulk.
Top 10 institutional investors in Intel (August 2023)
| Rank | Institution | Stake | Shares |
|---|---|---|---|
| 1 | The Vanguard Group, Inc. | 8.67% | 361,762,400 |
| 2 | BlackRock Fund Advisors | 5.15% | 214,777,671 |
| 3 | SSgA Funds Management, Inc. | 4.35% | 181,557,033 |
| 4 | Geode Capital Management LLC | 2.04% | 84,895,947 |
| 5 | Capital Research & Management Co. (World Investors) | 1.79% | 74,806,869 |
| 6 | Capital Research & Management Co. (Global Investors) | 1.73% | 71,950,264 |
| 7 | PRIMECAP Management Co. | 1.69% | 70,535,501 |
| 8 | Norges Bank Investment Management | 0.99% | 41,352,218 |
| 9 | BlackRock Advisors (UK) Ltd. | 0.98% | 40,770,334 |
| 10 | Northern Trust Investments, Inc. | 0.94% | 38,983,608 |
These 10 institutions collectively owned 28.31% of Intel's shares outstanding. The listed holdings add up to about 1.18 billion shares, which is worth about $39 billion at $33.25 per share. (An earlier version of this post gave $94 billion; that figure did not match the share count and price.)
Some of these institutions were changing their holdings. As reported at the time, Capital Research & Management Co. (World Investors) bought about 20.8 million Intel shares in the quarter ended June 2023, the largest purchase among institutional investors in that period. Northern Trust Investments, Inc. sold about 2.4 million shares in the same quarter, reported as the largest sale in that period.
Why index funds dominate the list
The top three names, Vanguard, BlackRock and State Street, run very large index funds. Any fund that tracks the S&P 500, the Nasdaq-100 or a broad market index must hold Intel in proportion to its index weight. Their stakes therefore reflect Intel's place in those indices rather than an active view on the company. Active managers such as Capital Research and PRIMECAP are the holders whose buying and selling says more about sentiment.
Insider investors
Insider investors are people with access to non-public information about a company, such as executives, directors and, in some cases, large holders and their families. In the United States, the Securities and Exchange Commission (SEC) requires insiders to report their transactions promptly, on Form 4 filings.
According to WallStreetZen, insiders held 5.10% of Intel's outstanding shares, which is about $7 billion at $33.25 per share (the earlier version said $17 billion, which did not match the share count). The largest insider holding was attributed to Gordon Earle Moore, the co-founder and former chairman and CEO of the company, at 4.13% of shares outstanding, or about $5.7 billion at the same price (earlier given as over $13 billion). Gordon Moore died on 24 March 2023, so by August 2023 that holding would have been held by his estate or trusts; data aggregators can lag in reflecting this.
Other notable insider investors (as reported in August 2023)
| Name | Role at the time | Reported holding |
|---|---|---|
| Patrick P. Gelsinger | CEO | 0.02% or 17,420 shares |
| Michelle Johnston Holthaus | EVP and GM, Client Computing Group | 0.01% or 892 shares |
| Sandra L. Rivera | EVP and GM, Data Center and AI | 0.01% or 4,099 shares |
| April Miller Boise | EVP and Chief Legal Officer | 0.01% or 9,991 shares |
Note that the share counts and percentages in this table, as published by the aggregator, do not agree with each other: with about 4.17 billion shares outstanding, 17,420 shares is roughly 0.0004%, not 0.02%. Treat both columns as reported, not verified.
Insiders were reported to have been mostly selling Intel shares over the preceding year. For example, Patrick P. Gelsinger was reported to have sold 17,420 shares on 15 August 2023 for a total value of about $613 thousand. Scott Gawel was reported to have bought 1,620 shares on 31 July 2023 for about $59 thousand, described as the only insider purchase in the past year. These transactions come from aggregator data and have not been checked against the original SEC Form 4 filings.
Retail investors
Retail investors buy and sell stocks for their own personal accounts, usually in smaller quantities than institutions or insiders. They include individual traders, hobbyists and long-term savers.
The exact percentage of retail ownership in Intel is not published, but it can be estimated by subtracting institutional and insider ownership from the total. Using the CNN Money and WallStreetZen figures, 100% minus 64.20% minus 5.10% gives about 30.70% for retail investors, which is about $43 billion at $33.25 per share (the earlier version said $102 billion).
Why retail investors held Intel in 2023
- Growth potential: Intel is a leader in the semiconductor industry, which was expected to grow because of demand for chips in cloud computing, artificial intelligence, 5G and the Internet of Things.
- Dividend income: Intel cut its quarterly dividend in February 2023 from $0.365 to $0.125 per share. At $33.25 that is a yield of about 1.5%, similar to the average yield of the S&P 500 at the time (reported at about 1.4% to 1.5%). The earlier version of this post quoted the pre-cut dividend and a 4.18% yield, which no longer applied in August 2023.
- Value opportunity: Intel's share price was reported to have declined by about 10% over the preceding year, and was well below its 2021 highs, which some investors read as a sign that it was undervalued against its peers or its intrinsic value. Some analysts gave Intel a buy rating with a target price of $40 or higher, as reported at the time, which implied an upside of about 20% from $33.25.
Ownership summary (August 2023)
| Holder group | Share of outstanding stock | Approximate value at $33.25 |
|---|---|---|
| Institutional investors | 64.20% | $89 billion |
| of which the top 10 institutions | 28.31% | $39 billion |
| Insiders | 5.10% | $7 billion |
| Retail (estimated remainder) | 30.70% | $43 billion |
What has changed since August 2023
Ownership data changes every quarter, so treat the tables above as history. Several later events reshaped Intel's shareholder base, as widely reported:
- Pat Gelsinger retired as CEO in December 2024, and Lip-Bu Tan became CEO in March 2025.
- In August 2025 SoftBank agreed to invest $2 billion in Intel shares.
- Also in August 2025 the US government agreed to take a stake of about 9.9% in Intel, funded largely from previously awarded CHIPS Act grants.
- In September 2025 NVIDIA announced a $5 billion investment in Intel shares alongside a product collaboration.
For current holdings, check Intel's latest proxy statement and SEC filings (Form 13F for institutions, Forms 3, 4 and 5 for insiders, and Schedules 13D and 13G for holders above 5%).
FAQ
Who was the largest shareholder of Intel in August 2023?
The Vanguard Group, with about 8.67% of shares outstanding, followed by BlackRock Fund Advisors and SSgA Funds Management.
How much of Intel did institutions own?
About 64.20% in August 2023, according to CNN Money.
Where can I find up-to-date Intel ownership data?
The SEC's EDGAR database holds the original filings. Institutional holdings appear in quarterly 13F reports, which are filed up to 45 days after each quarter ends, so even the official data lags by several weeks.
Is this post investment advice?
No. It is a factual snapshot of reported ownership data at a past date. Speak to a licensed adviser before making investment decisions.
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