Qorvo Soars 7% After Hours As Activist Investor Starboard Reportedly Takes Stake In Semiconductor Company – Broadcom (NASDAQ:AVGO), Kenvue (NYSE:KVUE)

Activist investor Starboard Value LP has reportedly acquired a 7.7% stake worth approximately $500 million in Qorvo Inc. QRVO on Thursday, targeting the struggling semiconductor manufacturer for potential operational changes.

What Happened: The stake, led by Starboard CEO Jeff Smith, comes as Qorvo faces mounting challenges in the radio frequency chip market, reported the Wall Street Journal, citing sources.

The Greensboro, N.C.-based company’s shares have declined nearly 28% over…