Billionaire investor Stanley Druckenmiller’s Duquesne Capital Management disclosed significant changes in its U.S. equity portfolio for the first quarter, with a notable shift toward technology and consumer discretionary names.
The hedge fund reported a 1.2% stake in Amazon.com, up from 0.8% in the prior quarter, making it one of the firm’s largest new positions. Druckenmiller also raised his position in Advanced Micro Devices (AMD) to 1.1% from 0.7%, signaling confidence in the chipmaker’s growth trajectory amid demand for data center and gaming processors.
Conversely, Duquesne Capital trimmed or exited several semiconductor holdings. The fund reduced its stake in Nvidia to 0.9% from 1.5%, while paring back positions in Broadcom and Texas Instruments. The sales suggest a rotation away from high-valuation chip stocks that have led equity markets in recent years.
Druckenmiller’s portfolio adjustments reflect broader trends in technology investing, where large-cap tech and AI-related plays have attracted capital amid expectations of sustained earnings growth. The moves also underscore a preference for firms with diversified revenue streams over pure-play semiconductor manufacturers.
The filing, submitted to the U.S. Securities and Exchange Commission, provides a snapshot of Duquesne Capital’s strategy but does not indicate the fund’s overall market outlook or timing of trades. Druckenmiller, known for his macro-driven approach, has historically favored concentrated bets in high-conviction names.
