--- title: "Legendary investor Stanley Druckenmiller's Q2 major repositioning: Amazon holdings surged over tenfold, $120 million returned to Alphabet, and positions in Broadcom and Micron were completely liquidated" type: "News" locale: "en" url: "https://longbridge.com/en/news/296048987.md" description: "Duquesne Family Office, under Stanley Druckenmiller, disclosed its Q2 holdings, with a total market value increasing to $5.21 billion. It significantly increased its position in Amazon by over ten times, established a new $120 million position in Alphabet, while completely liquidating 23 stocks including Broadcom and Micron, and added 48 new stocks, reflecting its strategy of flexibly adjusting its AI and technology stock allocations" datetime: "2026-08-17T02:57:09.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/296048987.md) - [en](https://longbridge.com/en/news/296048987.md) - [zh-HK](https://longbridge.com/zh-HK/news/296048987.md) --- # Legendary investor Stanley Druckenmiller's Q2 major repositioning: Amazon holdings surged over tenfold, $120 million returned to Alphabet, and positions in Broadcom and Micron were completely liquidated According to the disclosure by the U.S. Securities and Exchange Commission (SEC), legendary fund manager Stanley Druckenmiller's family office, Duquesne Family Office, submitted its second-quarter U.S. stock holdings report (13F) for the period ending June 30, 2026. Statistics show that Duquesne's total holdings market value reached approximately $5.21 billion in the second quarter, compared to about $3.38 billion in the previous quarter. The data indicates that Duquesne added 48 new stocks to its portfolio in the second quarter and increased its holdings in 16 stocks. At the same time, the firm reduced its positions in 11 stocks and completely exited 23 stocks. Notably, the top ten holdings accounted for 45.83% of Duquesne's total U.S. stock market value. ![image.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260817/1786934383459051.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) **Changes in AI Investment Layout: Increased Holdings in Amazon and Alphabet, Exited Broadcom, etc.** Since 2026, the Nasdaq has risen by 15%, and the AI arms race continues to accelerate. The market expects that the combined capital expenditure of the five major U.S. cloud providers will approach $730 billion this year. However, doubts on Wall Street about whether cloud and AI revenues can continue to outperform data center investments are also intensifying. Earlier this year, Druckenmiller stated that AI is no longer the main focus of his investment portfolio and recalled that AI trading was "unsettlingly hot" last summer. However, the adjustments in the second quarter show that he is still actively positioning in AI infrastructure and platform companies, consistent with his historically flexible and quick-adjusting style. According to the latest 13F filing, the firm increased its position in Amazon (AMZN.US) by more than ten times, establishing a new position of approximately $120 million in Alphabet (GOOGL.US), while completely exiting Broadcom (AVGO.US), Intel (INTC.US), and Micron Technology (MU.US); it also made significant investments in AMD (AMD.US), TSMC (TSM.US), AI infrastructure, aviation, and media sectors. ![image.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260817/1786934444498059.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) Specifically, Duquesne increased its holdings of Amazon common stock from approximately 45,800 shares to 541,600 shares, adding about 495,800 shares, an increase of over 1000%; as of June 30, this portion of the holdings had a market value of approximately $129.1 million. Meanwhile, Amazon call options also increased by 259,300 shares to 459,300 shares, with a market value of approximately $109.5 million According to reports, Amazon's performance in the second quarter was strong, with AWS cloud revenue increasing by 37% year-on-year to $42.2 billion, and AWS operating profit reaching $16.6 billion, indicating that AI capital expenditures are translating into growth and profits for cloud business. Regarding Alphabet, Duquesne had completely liquidated its position in Alphabet at the end of the previous quarter but re-purchased 336,300 shares of Class A stock in the second quarter, valued at approximately $120.2 million. Additionally, the firm also added bullish options for Meta Platforms (META.US) and Tesla (TSLA.US). The fundamentals of Alphabet supported this increase in holdings. In the second quarter, Alphabet's revenue grew by 24% year-on-year to $119.8 billion, and operating profit increased by 30% to $40.8 billion; Google Cloud revenue surged by 82% year-on-year to $24.8 billion, with cloud operating profit more than doubling to $8.8 billion. Notably, Google Cloud's backlog increased from $462.3 billion at the end of March to $513.9 billion, with the company expecting to recognize over 50% of this within the next 24 months. Furthermore, Alphabet serves as both an AI platform and infrastructure provider, monetizing through multiple paths including Gemini, enterprise AI products, self-developed TPUs, search, and cloud business. It is worth noting that Duquesne is not the only well-known investor optimistic about Alphabet. Berkshire Hathaway has continued to increase its position since first disclosing its Alphabet holdings in the third quarter of 2025, further raising its stake by 83% to 106 million shares in the second quarter. Alphabet's stock price has fallen from a high of over $400 in May to around $346, which some investors view as a more attractive entry point. The semiconductor sector is one of the areas where Duquesne made the most significant adjustments this quarter. The firm completely liquidated its positions in Broadcom, Intel, and Micron Technology, while establishing a new position of 72,900 shares in AMD. In the AI chip supply chain, Duquesne continued to increase its holdings in TSMC, adding 94,400 shares to reach a total of 589,680 shares, with a market value of approximately $281.6 million at the end of the quarter. TSMC's profits surged by 77% year-on-year in the second quarter, and management raised its sales forecast and capital expenditure guidance for 2026. Additionally, the firm increased its holdings in STMicroelectronics (STM.US) by 490,000 shares to 3.1 million shares, valued at approximately $232.4 million; and increased its stake in Seagate Technology (STX.US) by 71,300 shares to 122,000 shares, valued at approximately $117.7 million. STMicroelectronics reported a 26% sales growth in the second quarter, with management expecting further acceleration from AI data centers and near-Earth orbit projects. Meanwhile, Duquesne reduced its position in Arm Holdings (ARM.US) by over 70%. **Other Significant Portfolio Adjustments** In addition to semiconductors, Duquesne also allocated funds to a broader AI infrastructure sector. In the second quarter, the firm purchased over 4 million shares of Bitdeer Technologies (BTDR.US) and established a new position of 754,800 shares in Riot Platforms (RIOT.US) In the airline sector, Duquesne established a position of 603,000 shares in Delta Air Lines (DAL.US) and increased its holdings in United Airlines (UAL.US) to 794,795 shares, nearly tripling its position. In the media sector, the firm initiated a position in Fox Corporation (FOX.US, FOXA.US), acquiring approximately 2.2 million shares valued at about $115 million, with a total Fox Corporation holding of around 2.8 million shares. There were also significant moves in the healthcare sector. Duquesne increased its stake in Insmed (INSM.US) by 270,600 shares to 1.42 million shares, valued at approximately $151.9 million, while also initiating call options covering about 1.35 million shares, valued at approximately $143.9 million. The position in Natera (NTRA.US) was increased by 122,700 shares to 3.19 million shares, with a quarter-end value of approximately $864.9 million, making it one of the important holdings in the portfolio. Additionally, Duquesne completely exited its positions in Cloudflare (NET.US) and MercadoLibre (MELI.US) in the second quarter, and reduced its stake in Alcoa (AA.US) by over 70%. Duquesne has also reignited its interest in the Chinese technology sector, establishing a position in Baidu (BIDU.US) ADR in the second quarter, purchasing 88,000 shares, which accounts for 0.2% of its portfolio. Baidu's Q1 2026 earnings report released in May showed that AI revenue accounted for more than half for the first time, becoming the core driver of its growth. The company will announce its Q2 2026 earnings report this Tuesday. ![image.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260817/1786934398961995.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) ### Related Stocks - [AVGO.US](https://longbridge.com/en/quote/AVGO.US.md) - [GOOGL.US](https://longbridge.com/en/quote/GOOGL.US.md) - [AMZN.US](https://longbridge.com/en/quote/AMZN.US.md) - [MU.US](https://longbridge.com/en/quote/MU.US.md) - [GOOG.US](https://longbridge.com/en/quote/GOOG.US.md) - [AMZW.US](https://longbridge.com/en/quote/AMZW.US.md) - [GGLS.US](https://longbridge.com/en/quote/GGLS.US.md) - [MUU.US](https://longbridge.com/en/quote/MUU.US.md) - [GOOW.US](https://longbridge.com/en/quote/GOOW.US.md) - [MULL.US](https://longbridge.com/en/quote/MULL.US.md) - [AMZU.US](https://longbridge.com/en/quote/AMZU.US.md) - [AMZZ.US](https://longbridge.com/en/quote/AMZZ.US.md) - [AVGU.US](https://longbridge.com/en/quote/AVGU.US.md) - [GOU.US](https://longbridge.com/en/quote/GOU.US.md) - [AVS.US](https://longbridge.com/en/quote/AVS.US.md) - [AVGG.US](https://longbridge.com/en/quote/AVGG.US.md) - [AVGW.US](https://longbridge.com/en/quote/AVGW.US.md) - [AVGX.US](https://longbridge.com/en/quote/AVGX.US.md) - [AVL.US](https://longbridge.com/en/quote/AVL.US.md) - [GGLL.US](https://longbridge.com/en/quote/GGLL.US.md) - [GOOY.US](https://longbridge.com/en/quote/GOOY.US.md) - [GOOX.US](https://longbridge.com/en/quote/GOOX.US.md) - [GOOP.US](https://longbridge.com/en/quote/GOOP.US.md) - [MAGX.US](https://longbridge.com/en/quote/MAGX.US.md) - [AMZD.US](https://longbridge.com/en/quote/AMZD.US.md) - [AMZO.US](https://longbridge.com/en/quote/AMZO.US.md) - [AMZY.US](https://longbridge.com/en/quote/AMZY.US.md) - [AZYY.US](https://longbridge.com/en/quote/AZYY.US.md) - [AMZP.US](https://longbridge.com/en/quote/AMZP.US.md) - [MUD.US](https://longbridge.com/en/quote/MUD.US.md) - [MUYY.US](https://longbridge.com/en/quote/MUYY.US.md) - [MUZ.US](https://longbridge.com/en/quote/MUZ.US.md) - [SMH.US](https://longbridge.com/en/quote/SMH.US.md) - [SOXX.US](https://longbridge.com/en/quote/SOXX.US.md) - [SOXL.US](https://longbridge.com/en/quote/SOXL.US.md) - [SOXQ.US](https://longbridge.com/en/quote/SOXQ.US.md) - [XSD.US](https://longbridge.com/en/quote/XSD.US.md) - [PSI.US](https://longbridge.com/en/quote/PSI.US.md) - [FTXL.US](https://longbridge.com/en/quote/FTXL.US.md) - [.IXIC.US](https://longbridge.com/en/quote/.IXIC.US.md) - [INTC.US](https://longbridge.com/en/quote/INTC.US.md) - [AMD.US](https://longbridge.com/en/quote/AMD.US.md) - [TSM.US](https://longbridge.com/en/quote/TSM.US.md) - [META.US](https://longbridge.com/en/quote/META.US.md) - [TSLA.US](https://longbridge.com/en/quote/TSLA.US.md) - [BRK.A.US](https://longbridge.com/en/quote/BRK.A.US.md) - [BRK.B.US](https://longbridge.com/en/quote/BRK.B.US.md) - [STM.US](https://longbridge.com/en/quote/STM.US.md) - [STX.US](https://longbridge.com/en/quote/STX.US.md) - [ARM.US](https://longbridge.com/en/quote/ARM.US.md) - [BTDR.US](https://longbridge.com/en/quote/BTDR.US.md) - [RIOT.US](https://longbridge.com/en/quote/RIOT.US.md) - [DAL.US](https://longbridge.com/en/quote/DAL.US.md) - [UAL.US](https://longbridge.com/en/quote/UAL.US.md) - [FOX.US](https://longbridge.com/en/quote/FOX.US.md) - [FOXA.US](https://longbridge.com/en/quote/FOXA.US.md) - [INSM.US](https://longbridge.com/en/quote/INSM.US.md) - [NTRA.US](https://longbridge.com/en/quote/NTRA.US.md) - [NET.US](https://longbridge.com/en/quote/NET.US.md) - [MELI.US](https://longbridge.com/en/quote/MELI.US.md) - [AA.US](https://longbridge.com/en/quote/AA.US.md) - [BIDU.US](https://longbridge.com/en/quote/BIDU.US.md) - [09888.HK](https://longbridge.com/en/quote/09888.HK.md) - [STMEF.US](https://longbridge.com/en/quote/STMEF.US.md) - [89888.HK](https://longbridge.com/en/quote/89888.HK.md) ## Related News & Research - [Micron Stock Is Surging Toward $1,000 Again. 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