Billionaire Stanley Druckenmiller Sold Out of Nvidia. He's Buying This AI Stock Instead.

Stanley Druckenmiller is one of the greatest investors of all time. As the manager of Duquesne Capital Management from 1981 to 2010, Druckenmiller generated an average annual return of 30% and never had a losing year during that time. These days, Druckenmiller is no longer an active fund manager but still manages a portfolio of his own stocks through the Duquesne Family Office. And investors pay close attention to his moves.That's why investors took notice when Druckenmiller, who was early to buy shares of Nvidia (NASDAQ: NVDA) in Q4 2022 after ChatGPT launched, dumped most of his stake in the AI chip leader in the first half of this year. At the time, he said that the market now sees in Nvidia what he recognized earlier. In an interview last week with Bloomberg, the Duquesne chief revealed that he had sold his entire stake in Nvidia. Druckmiller admitted that it was a mistake to sell the chip stock, as Nvidia's stock price has continued to run up since then. He also said he remained bullish on artificial intelligence (AI), adding, "We're big long-term believers in AI, and there are still many ways we're playing AI, particularly the infrastructure that's been built to support the power needed." Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool