Druckenmiller Loads Up on Amazon and Alphabet as He Dumps Chip Stocks
Stanley Druckenmiller's investment firm, Duquesne Family Office, filed its second-quarter 13F with the SEC on Friday. The report shows that five chip and photonics companies - Micron Technology, Intel, Broadcom, Lattice Semiconductor, and Coherent - were in the portfolio at the end of March but had been sold by the end of June.
The same filing reveals that Druckenmiller added two new holdings: Amazon (AMZN) and Alphabet (GOOG)(GOOGL). The Amazon stake grew more than 1,000% during the quarter, increasing from 45,800 shares to 541,600. Duquesne also bought call options on another 459,300 shares of Amazon.
Alphabet wasn't in Druckenmiller's portfolio at the end of March but was added with a stake of 336,300 Class A shares, worth around $120 million at June 30. Both Amazon and Alphabet have since reported quarters that fit the theme, with increased capital expenditures on artificial intelligence (AI) infrastructure.
Interestingly, while Druckenmiller sold five companies that sell into the AI build-out, he didn't actually leave chips entirely. He added two new semiconductor positions: Advanced Micro Devices and Lam Research. Additionally, he kept Taiwan Semiconductor Manufacturing and even added to it.