Stanley Druckenmiller’s Duquesne Family Office sold its positions in Micron, Intel, and Broadcom during the second quarter, exiting all three chip stocks that had already seen significant gains. The capital was deployed into a new stake in AMD, worth about 0.8% of the fund’s reported $5.2 billion U.S. equity holdings, timed with AMD’s upcoming Helios launch for AI inference. Druckenmiller described the remaining AI exposure as “dribs and drabs,” indicating a selective approach. Micron stock has since pulled back nearly 6% amid profit-taking, while AMD trades down but has gained 120% year-to-date.
Duquesne Family Office reported about $5.2 billion in U.S. equity holdings by quarter end, fully exiting small stakes in Intel, Micron, and Broadcom built during the first quarter. A new Stanley Druckenmiller position in AMD replaced them, worth roughly 0.8% of reported assets.
The choice to buy AMD stock comes as Micron stock had already more than doubled this year, yet Druckenmiller sells Micron anyway. This signals a narrowing toward companies with a defined near-term product story, as stated in the filing.
Intel and Micron had both more than doubled year-to-date by the time of sale, with Micron riding a memory shortage and Intel posting its strongest growth in more than a decade. Broadcom also exited, despite a 48% jump in quarterly revenue, though a modest 5% year-to-date gain left less room to run.
Stanley Druckenmiller said in a recent Hard Lessons interview: “We still have dribs and drabs of AI around.” That line sums up an investor who has not walked away from AI but has gotten more selective about which chip stocks are still worth owning.
The AMD bet lines up with Helios, an AMD rack scale system for AI inference workloads, with OpenAI, Meta Platforms, Anthropic, and Microsoft already lined up to deploy it. AMD’s data center revenue more than doubled last quarter to $6.7 billion, with management guiding for that figure to double again in 2027.
Micron stock has pulled back sharply since, dropping nearly 6% on August 24 to close at $910.43, as fears grow that Apple could shift some memory sourcing to Chinese suppliers. A break below $900 could open the door to a retest of the July low near $740.
AMD stock trades at $456.75, down 3.49% on the day but still up 120% for the year. The 45-day lag before the next 13F means the AMD stake could already look different by the time the filing discloses it.
