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In the investment world, Stanley Druckenmiller’s name is almost synonymous with “precision.” As the head of Duquesne Capital, he delivered an average annual return of 30% over three decades – without a single losing year. Though retired for many years, his every move continues to move market nerves through the 13F filings of his family office.
The latest disclosure for the first quarter of 2026 shows that the billionaire still hasn’t bought Nvidia – the AI chip leader he sold two years ago and later publicly admitted he sold “too early.” Instead, he has aggressively built positions in three new stocks driving the next stages of the AI boom: Broadcom, Micron Technology, and Intel.
Nvidia: from top holding to “regrettable exit”
Druckenmiller’s history with Nvidia is quite dramatic. In 2023, Nvidia was his number one holding; but later that year he began trimming, and within a year he had completely exited. In the fall of 2024, he admitted in a Bloomberg interview that selling Nvidia was one of the mistakes of his investing career, and said he would consider buying again in the future at a lower valuation.
Nvidia’s valuation has since declined, but Druckenmiller still hasn’t moved. His notable absence may hint at a new assessment of the competitive landscape in AI computing chips.
Three new favorites: betting on differentiated tracks for the next phase of AI
Though staying away from Nvidia, Druckenmiller remains optimistic about the overall AI growth story. In the first quarter, he made the following moves:
Broadcom: Bought 195,955 shares, making up 1.8% of his portfolio. Broadcom has emerged as a force with custom AI chips (ASICs). Unlike Nvidia’s general-purpose GPUs, Broadcom designs chips tailored to specific tasks, giving it a unique edge in the wave of cloud giants developing their own silicon.
Micron Technology: Bought 23,400 shares, a 0.2% weighting. AI workloads are extremely memory-intensive. As a memory leader, Micron recently delivered record revenue, gross margin, and earnings per share, with demand continuing to outstrip supply.
Intel: Bought 411,400 shares, weighting 0.5%. Intel lagged badly in the early stages of AI, but today AI inference and hybrid computing require large numbers of CPUs. Intel has not only partnered with Nvidia to integrate its CPUs into Nvidia’s AI platforms, but is also regaining ground in personal computing.
In addition, Taiwan Semiconductor Manufacturing (TSMC) remains his third-largest holding, at nearly 5% of the portfolio – underscoring his long-term confidence in the semiconductor manufacturing leader.
Lesson: to follow or not to follow?
Druckenmiller’s portfolio moves send a clear signal: AI investing is moving from a “one-superpower” phase into diversification. Beyond general-purpose GPUs, custom chips, memory, CPUs, and even advanced manufacturing are all sharing in the incremental upside.
However, should investors copy his choices? Over the past five years, these three stocks have all significantly underperformed Nvidia. From a valuation perspective, Nvidia actually looks cheaper than Broadcom today. Aggressive investors might bet on a market style rotation; value-oriented investors may see the pullback in Nvidia as more attractive.
Either way, Druckenmiller’s actions at least remind us: the AI story is far from over, but the number of leading players is growing. Watching the next-stage infrastructure bottlenecks – memory, interconnects, custom computing – may prove more insightful than chasing a single star.
