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Quants likely buying these stocks on Intel news

A silicon wafer.
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Intel shares surged Friday after the chipmaker raised third-quarter revenue expectations. Quant hedge funds are likely buying Micron on the news. Here's why.

History shows Micron and certain other chipmakers have the highest correlation to Intel's stock price.

Intel was up more than 2 percent Friday morning.

Using Kensho, CNBC Pro found that Intel jumped 2 percent in a single trading day more than 250 times in the last decade. Here were the best performing stocks in the Nasdaq 100 index on those days, on average:




Bottom line: If you're bullish Intel after Friday's announcement, these names may be worth a look, too, as they usually follow in the blue chip's footsteps.

Disclosure: NBCUniversal, parent of CNBC, is a minority investor in Kensho.