Billionaire Stanley Druckenmiller Sold Palantir and Amazon and Is Piling Into This Artificial Intelligence (AI) Stock Instead
He just quintupled his stake to make it one of the biggest holdings in his portfolio.
Back in 2022, billionaire Stanley Druckenmiller made a sizable bet on chipmaker Nvidia. The company has gone on to become one of the biggest winners of advancements in generative AI, for which its graphics processing units (GPUs) are well suited. Druckenmiller has also been an investor in Palantir Technologies (NASDAQ: PLTR), which has used AI to improve its software and expand its market. Druckenmiller has also made a lot of money by investing in Amazon (NASDAQ: AMZN) throughout his career, taking advantage of the cloud computing leader's growth.
But Druckenmiller is shifting his attention and his money away from these AI giants. He sold out of Nvidia about a year ago (although he says he regrets that decision). In the first quarter, he got rid of his remaining shares of Palantir and trimmed his Amazon investment by more than half. In their place, he's buying a different company that stands to benefit from continued spending on AI development but whose stock looks undervalued.
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