Druckenmiller trims Sandisk, adds 3 AI stocks in Q2 portfolio shift

Duquesne Family Office trimmed Sandisk and added Taiwan Semiconductor, Alphabet, and Amazon in Q2, per its 13F filing.

"The AI-driven infrastructure cycle continues to accelerate and it's playing directly to our strengths," Adaire Fox-Martin, CEO of Equinix, said. Duquesne opened a new $19.2 million position in Equinix during the quarter.

The filing shows Duquesne increased its Taiwan Semiconductor stake by 19 percent, making it the fund's second-largest holding. The Amazon position now occupies nearly 3 percent of the portfolio, while Alphabet was a new addition at 2.75 percent. Both companies plan to spend at least $200 billion on capital expenditures this year, primarily to build and equip data centers supporting AI workloads.

Taiwan Semiconductor is the largest logic chip producer on Earth by a wide margin, and increased AI computing demand translates directly to more chip orders. Amazon Web Services and Google Cloud are both seeing surging demand for AI compute capacity, with the revenue impact of these investments expected to materialize over the next several quarters.

The Sandisk trim came after the memory maker's stock went on a major run in the first half, making the sale a prudent profit-taking move. Sandisk shares had surged as AI-driven demand for memory chips accelerated, but the stock has since pulled back in the third quarter.

Funds managing more than $100 million must file Form 13F with the SEC within 45 days of each quarter's end, disclosing holdings as of the prior quarter's close. The filing also shows Duquesne exited Micron, Intel, and Broadcom, closing out 23,400 shares of Micron, 411,400 shares of Intel, and 195,955 shares of Broadcom. The fund also opened a new position in Lam Research valued at $18.9 million.

Equinix operates more than 270 data centers across 70-plus metro areas, with 52 expansion projects across 33 markets. Q2 revenue rose 16 percent year over year, and the company raised its long-term outlook to 10 to 13 percent annual revenue growth through 2029. Lam Research, which sells deposition and etch equipment used in leading-edge fabs, guided September-quarter revenue to $8.1 billion.

The Sandisk sale and AI stock purchases reflect a rotation from memory chips toward AI infrastructure and cloud computing plays. Druckenmiller's moves come as hyperscalers including Amazon and Alphabet pour hundreds of billions into data center capacity, with the bulk of the revenue impact from these investments not yet reflected in their financials.

The portfolio shift shows Druckenmiller's conviction that AI infrastructure spending will continue to accelerate, benefiting chip manufacturers, cloud providers, and data center operators. Investors will watch the next 13F filing in November for further positioning changes.

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