Billionaire investor Stanley Druckenmiller increased his bets on artificial intelligence stocks in the second quarter as the technology sector regained a prominent role among his biggest holdings. Mr. Druckenmiller’s Duquesne Family Office significantly increased its stake in Amazon in the second quarter, raising the value of its position to about $129 million, according to regulatory filings. The company also revealed a new $120 million position in Alphabet, bringing the Google parent company back into its portfolio after Duquesne exited the stock in the first quarter. The former lead portfolio manager for George Soros’ Quantum Fund has also become more focused on semiconductors. He increased his stake in Taiwan Semiconductor Manufacturing Co., Ltd. by 19% to $282 million, and his position in STMicroelectronics by nearly 19% to $232 million. The two semiconductor manufacturers ended the quarter as the second and third largest holdings of Duquesne’s common stock. The Bowdoin College graduate also added relatively small bets in Advanced Micro Devices and Palo Alto Networks last quarter. The buys came after technology and semiconductor stocks rose sharply in the second quarter, fueled by enthusiasm over AI spending. However, many of these winners suddenly reversed in July as investors questioned high valuations and the sustainability of the AI infrastructure boom. The filing only reflects Mr. Duquesne’s stock holdings as of June 30, and it remains unclear whether Mr. Druckenmiller maintained those positions through the July rout or adjusted his exposure after the quarter ended. Clinical genetic testing company Natera remains Druckenmiller’s biggest bet, valued at more than $800 million at the end of June. Druckenmiller is one of Wall Street’s most-watched macroeconomic investors. He shot to fame in 1992 when he helped the Soros Fund bet about $10 billion against the British pound. He then headed Duquesne Capital Management, where he oversaw about $12 billion, before closing his hedge fund in 2010 and converting it into a family office.
