Billionaire Stanley Druckenmiller dumps Intel, Micron and Broadcom and bets big on Amazon in Q2 portfolio shake-up

Stanley Druckenmiller, one of the most closely watched macro investors in the world, made a sweeping rotation out of semiconductor stocks and into mega-cap technology and commercial aviation during the second quarter, according to a 13F filing submitted by his Duquesne Family Office on Friday.

The filing shows Duquesne liquidated its entire positions in Broadcom, Intel and Micron Technology during the quarter while raising its Amazon.com stake by more than 1,000% to 541,600 shares. The firm also more than doubled the call options it held on the e-commerce giant.

The semiconductor exits were substantial. Duquesne disposed of 411,400 Intel shares and 23,400 Micron shares, exiting both positions after a period in which artificial intelligence demand had driven their prices sharply higher. Intel climbed from the mid-$40 range to a peak of $141 over the course of the second quarter, while Micron's share price surged more than threefold over the same period.

Druckenmiller offered a view on AI's trajectory in a May 2024 CNBC appearance that has aged well as a framing device. "AI might be a little overhyped now, but underhyped long term," he said at the time. The Q2 moves suggest he still holds that long-term conviction but has shifted his preferred expression of it away from chip manufacturers toward platform companies with broader commercial reach.

Beyond the Amazon position, Duquesne built a new 336,300-share stake in Alphabet Class A shares and a 72,900-share position in Advanced Micro Devices, alongside a modest increase to its existing Taiwan Semiconductor Manufacturing holding.

Commercial aviation drew significant capital. Duquesne committed 603,000 shares to Delta Air Lines and expanded its United Airlines Holdings position to around 795,000 shares, close to three times its prior level, a pair of moves that signal conviction in the recovery and durability of air travel demand.

Data-center infrastructure was another new area of focus. Duquesne bought into Bitdeer Technologies Group at a scale exceeding four million shares and took a new 754,800-share stake in Riot Platforms, two bets that sit at the intersection of Bitcoin mining and computing infrastructure.

The firm also established a roughly 2.8 million-share position in Fox Corp across two share classes, added call options on Meta Platforms and Tesla, and completely liquidated its holdings in Cloudflare and MercadoLibre. Positions in Alcoa and Arm Holdings were cut by more than 70% each.

Druckenmiller built his reputation managing George Soros's Quantum Fund, where he helped engineer the 1992 trade that broke the Bank of England and generated more than $1 billion in a single day. He has since run Duquesne as a family office, consistently drawing attention from markets for the scale and conviction of his portfolio moves.

Institutional money managers with more than $100 million in US equities are required to submit a 13F form no later than 45 days after each quarter's close. The filings represent positions as of June 30 and do not capture any buying or selling done since that date.