Billionaire investor Stanley Druckenmiller's family office Duquesne has offloaded two of Wall Street's hottest AI stocks – Nvidia Corp. (NASDAQ:NVDA) and Palantir Technologies Inc. (NASDAQ:PLTR), according to a recent 13F filing.
What Happened: Druckenmiller’s Duquesne Family Office sold all of its Nvidia shares and significantly reduced its Palantir holdings by 95% during the third quarter.
This comes after Nvidia and Palantir have been on a tear this year. While the Nvidia stock surged nearly 190% in 2024 so far, Palantir shares have gained over 386% to date.
While it's not clear why Duquesne has offloaded these two red-hot AI stocks, profit booking could be one of the motives.
Nvidia and Palantir's relatively rich valuations could also have contributed to Duquesne paring its holdings – while Nvidia's trailing 12 months (TTM) price-to-earnings (PE) ratio stands at 55.21, Palantir's stands at 403.45.
Meanwhile, Druckenmiller is increasing his stake in Teva Pharmaceutical (NYSE:TEVA), a company that has seen its shares rise by 112% this year.
Teva’s strategic shift towards brand-name therapies and its resolution of opioid litigation as key factors contributing to its recent success.
Druckenmiller’s fund added 1,427,950 shares of Teva during the September-ended quarter, signaling confidence in the pharmaceutical company’s turnaround and growth potential.
Why It Matters: Druckenmiller, a protégé of George Soros, is renowned for his macroeconomic investment strategy, often making significant bets on industry trends rather than individual companies.
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