Stanley Druckenmiller's Duquesne Family Office sold every share of Intel, Micron and Broadcom it owned last quarter, and used the proceeds to build a much narrower bet on AMD and a cluster of former Bitcoin miners now selling AI computing power.
Duquesne's 13F filing, released August 24 and covering the quarter ended June 30, shows the fund closed out 411,400 shares of Intel, 195,955 shares of Broadcom and 23,400 shares of Micron Technology. It didn't stop there. Lattice Semiconductor and Coherent Corp, both smaller chip-adjacent holdings, were wiped from the portfolio too, according to a Motley Fool analysis of the filing. Five names in, zero left.
In their place, Duquesne opened a new 72,900-share stake in AMD. The timing lines up with what AMD told investors on its August earnings call: CEO Lisa Su said data center revenue, which already more than doubled year over year to $6.7 billion in the second quarter, is on track to more than double again in 2027. That's the kind of forward guidance a macro investor can underwrite with real conviction, rather than ride the coattails of an industry-wide AI narrative.
The more striking rotation sits outside semiconductors altogether. Duquesne built a 4.07 million share position in Bitdeer Technologies and opened new stakes in Riot Platforms, Hut 8 Corp and IREN Ltd. All four started life as Bitcoin miners. All four are now, to varying degrees, selling data center capacity and power infrastructure to AI companies instead of mining crypto for a living.
That's not incidental. Mining rigs already come with cheap power contracts and industrial-scale cooling, the two things an AI data center needs most and can't build overnight. Wall Street has caught on: IREN signed a multibillion-dollar compute deal with Microsoft this year, and Bitdeer has been converting mining facilities into AI hosting sites.
IREN inks $2.8 billion in AI cloud deals, lifts revenue target past $4 billion IREN signed $2.8 billion in new multi-year AI cloud contracts with Perplexity, Figure AI, Together AI and others, pushing its year-end 2026 AI Cloud revenue target from $3.7 billion to more than $4 billion. The deals build on IREN's earlier $9.7 billion Microsoft and $3.4 billion Nvidia agreements as the former Bitcoin miner completes its pivot to... - AI cloud infrastructure revenue deals - IREN AI cloud computing contracts
Duquesne wasn't only rotating within tech. The fund also raised its Amazon stake to 541,600 shares and opened a new 336,300-share position in Alphabet, while adding to Taiwan Semiconductor Manufacturing until it made up 5.4% of reported holdings, per Motley Fool's reporting. A new stake in Lam Research rounds out the semiconductor side of the ledger. Total assets under Duquesne's management grew from $3.37 billion to $5.21 billion over the quarter, and the number of distinct positions climbed from 70 to 95.
Frankly, that's not a fund playing defense. It's a fund with more conviction and more capital deployed than it had three months earlier.
None of this means Intel, Micron or Broadcom are broken companies. Micron just posted a strong quarter on memory pricing, and Intel is midway through a foundry turnaround under new leadership. Druckenmiller has a long history of moving early and moving completely, though, and a full exit from three of the most obvious AI-chip trades in the market is not a small tell. It says he'd rather own the builders of the buildings than the chips going inside them, at least for now.
13F filings are backward-looking by nature. They show where a fund's book stood on June 30, not what Duquesne owns today, almost two months later. Positions can flip fast, and Druckenmiller has flipped his own before. Still, a full liquidation across five names, replaced with a single, larger conviction bet on AMD and a basket of AI-infrastructure miners, is the kind of signal that tends to get copied first and questioned later.
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