Billionaire Stanley Druckenmiller Still Isn’t Buying Nvidia. But He Just Opened a Position in a Challenger That’s Soared More Than 100% This Year.
Nvidia was once Druckenmiller’s biggest holding.
Overview
Stanley Druckenmiller was an early believer in artificial intelligence (AI) giant Nvidia (NASDAQ:NVDA), building up a significant stake back in 2022. In fact, the AI chip leader was the billionaire's biggest position for a good part of the following year. But in 2024, he sold all his Nvidia shares, saying the valuation had become rich. Druckenmiller didn't make a clean break, however, and instead expressed some regret. He even said he would consider buying Nvidia shares again at a lower valuation.
Since, Nvidia's valuation has declined -- it even reached a low of 17x forward earnings estimates earlier this year -- but so far this hasn't been enough to bring Druckenmiller back to this AI story. Instead, in the second quarter, Druckenmiller opened a new position in an Nvidia challenger that's seen its stock soar more than 100% this year. Let's check out the billionaire's move and consider whether it's one to follow.
Image source: Duquesne Family Office.
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Originally published at www.fool.com.
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