Druckenmiller dumps Broadcom, Intel after 204% surge, pivots to AMD

Stanley Druckenmiller's Duquesne exited Broadcom, Intel, and Micron in Q2, one quarter after buying the AI chip basket, a 13F shows.

The filing shows Duquesne initiated a 72,900-share position in Advanced Micro Devices and increased its Taiwan Semiconductor Manufacturing stake, while cutting Arm Holdings by more than 70 percent. The firm also boosted Amazon by more than 1,000 percent to 541,600 shares and opened a 336,300-share Alphabet position.

The Q1 basket had surged since the March 31 reference date — Intel up 204 percent, Arm up 190 percent, Broadcom up 33 percent — before the exit. Broadcom's most recent quarter delivered $22.187 billion in revenue, up 48 percent year over year, with AI semiconductor revenue of $10.80 billion, up 143 percent. Intel's Q1 FY2026 produced non-GAAP EPS of $0.29 against a $0.0127 consensus, with the Data Center and AI segment up 22 percent to $5.052 billion. Arm closed FY2026 with revenue of $4.92 billion, up 23 percent, and flagged more than $2 billion in customer demand for its new AGI CPU across FY27 and FY28.

The Q1 purchases totaled roughly $95 million across the three names — about 195,955 shares of Broadcom worth $60.65 million, 411,400 shares of Intel worth $18.16 million, and 106,700 shares of Arm worth $16.14 million. The positions were point-in-time disclosures reflecting holdings as of March 31.

The rotation keeps Druckenmiller's AI infrastructure thesis intact but shifts exposure toward AMD, Taiwan Semiconductor, and hyperscalers. The Q2 13F also shows new positions in Delta Air Lines (603,000 shares), Fox Corp (2.8 million shares), and data-center operators Bitdeer Technologies (4 million shares) and Riot Platforms (754,800 shares).

Duquesne completely exited Cloudflare and MercadoLibre, and cut Alcoa by more than 70 percent. The firm also added call options on Meta Platforms and Tesla.

The Q1 purchases were part of a coordinated bet on AI compute diversification beyond NVIDIA, paired with a turnaround call on Intel. Intel's thesis rested on a $5 billion equity investment from NVIDIA and selection of Xeon 6 as host CPU for NVIDIA's DGX Rubin NVL8 systems. Broadcom supplies custom ASICs and networking silicon for hyperscaler AI clusters, while Arm provides the CPU architecture displacing x86 in data centers.

The Q2 exits suggest Druckenmiller captured the gains from the Q1 basket rather than holding through further upside. The move also reflects a broader rotation into mega-cap technology and AI infrastructure operators. Investors will watch the next 13F for whether the AMD and Taiwan Semiconductor positions represent a longer-term commitment or another tactical rotation.

This article is for informational purposes only and does not constitute investment advice.