Stanley Druckenmiller, the legendary investor who was part of George Soros’ Quantum Fund, has dumped traditional tech stocks while putting funds into gold mining companies and artificial intelligence (AI) shares. According to filings, he sold Amazon, Alphabet (Google), and Broadcom stocks while acquiring shares of Barrick Gold and Newmont, two gold miners.
Stanley Druckenmiller Sells Traditional Tech Stocks, Invests in Gold and AI
Stanley Druckenmiller is making moves in the investment portfolio of his investment fund management firm, Duquesne Family Office. According to filings, the legendary investor is dumping part of its holdings in traditional tech companies and introducing new artificial Intelligence (AI) and gold-related shares.
Duquesne reported dumping Alphabet (Google) shares for $112 million during the last quarter after purchasing it during Q3 2023. Before, Druckenmiller had orchestrated an “in and out” move with this stock, having purchased it in Q1 and selling it in Q2 2023. Also, Duquesne sold Amazon and Broadcom shares.
However, Druckenmiller, who has declared its bullishness on gold, made relatively small bets on two gold companies: Barrick Gold, the largest gold extraction transnational, and Newmont, another very significant gold mining company, purchasing 1.76 million shares of the former and 474,000 shares of the latter.
Duquesne’s bet might have something to do with Druckenmiller’s natural attraction to gold. In November, while expressing his concerns about the state of the U.S. economy, Druckenmiller stated:
I’m 70 years old, I own gold. I like gold because it’s a 5,000-year-old brand.
The acquisition of these two stocks, which have been battered since the start of 2024 and underperforming their underlying commodity, has brought the attention of other investors into the sector.
However, Druckenmiller’s biggest bet continues to be AI. He owns over $400 million in Microsoft shares, the tech company that has invested over $10 billion in Openai, and also in Nvidia, a company that has benefited from the usage of its hardware and tools for AI purposes. Duquesne also reported having acquired stock from Adobe and Arista.
What do you think about Stanley Druckenmiller’s bet on AI and gold? Tell us in the comments section below.
