Legendary fund manager Stanley Druckenmiller's family office, Duquesne Family Office, has disclosed its second-quarter U.S. equity holdings for the period ending June 30, 2026, in a filing with the Securities and Exchange Commission (SEC). The filing reveals Duquesne's total portfolio value surged to approximately $5.21 billion, up from around $3.38 billion in the prior quarter.
The data shows Duquesne added 48 new positions and increased holdings in 16 stocks during the second quarter. Simultaneously, the firm reduced stakes in 11 equities and completely exited 23 positions. The top ten holdings represent 45.83% of the portfolio's total value.
Shifts in AI Investment Strategy: Boosting Amazon and Alphabet, Selling Off Broadcom
Since the start of 2026, the Nasdaq has climbed 15%, and the AI arms race continues to accelerate. Market estimates suggest the combined capital expenditure of the five largest U.S. hyperscale cloud providers will approach $730 billion this year. However, Wall Street's skepticism is growing over whether cloud and AI revenue can consistently outpace the spending on data centers. Druckenmiller earlier this year stated that AI is no longer the star of his portfolio, recalling that the AI trade felt "uncomfortably hot" last summer. Yet, the second-quarter adjustments show he is still actively investing in AI infrastructure and platform companies, aligning with his characteristically agile and fast-moving style.
According to the latest 13F filing, the firm increased its stake in Amazon.com (AMZN.US) by more than tenfold, initiated a roughly $120 million position in Alphabet (GOOGL.US), and completely exited Broadcom (AVGO.US), Intel, and Micron Technology (MU.US). The firm also made significant moves in Advanced Micro Devices, Taiwan Semiconductor Manufacturing Company, AI infrastructure, airline, and media sectors.
Specifically, Duquesne increased its common stock holdings in Amazon from approximately 45,800 shares to 541,600 shares, an addition of about 495,800 shares, representing a surge of over 1000%. The value of this holding was about $129.1 million as of June 30. Simultaneously, Amazon call options were increased by 259,300 contracts to 459,300 contracts, valued at approximately $109.5 million. Amazon delivered a strong second-quarter performance, with AWS cloud revenue rising 37% year-over-year to $42.2 billion and AWS operating profit reaching $16.6 billion, demonstrating that AI capital expenditure is translating into cloud business growth and profits.
Regarding Alphabet, Duquesne had completely exited the position at the end of the previous quarter but re-entered by purchasing 336,300 Class A shares in the second quarter, valued at around $120.2 million. Additionally, the firm added call options on Meta Platforms and Tesla. Alphabet's fundamentals underpin this increased stake. In the second quarter, Alphabet's revenue grew 24% year-over-year to $119.8 billion, while operating profit rose 30% to $40.8 billion. Google Cloud revenue surged 82% year-over-year to $24.8 billion, and cloud operating profit more than tripled to $8.8 billion. Notably, Google Cloud's backlog of orders increased from $462.3 billion at the end of March to $513.9 billion, with the company expecting to recognize more than 50% of this over the next 24 months. Furthermore, Alphabet operates as both an AI platform and infrastructure provider, capable of monetizing through multiple avenues including Gemini, enterprise AI products, proprietary TPUs, search, and cloud services.
It is noteworthy that Duquesne is not the only prominent investor optimistic about Alphabet. Berkshire Hathaway, after first disclosing an Alphabet position in the third quarter of 2025, has continued to increase its stake, adding another 83% in the second quarter to reach 106 million shares. With Alphabet's stock price retreating from its May high above $400 to around $346, some investors view it as a more attractive entry point.
Major Semiconductor Portfolio Changes
The semiconductor sector was one of the most active areas of repositioning for Duquesne this quarter. The firm fully liquidated its holdings in Broadcom, Intel, and Micron Technology while initiating a new position of 72,900 shares in Advanced Micro Devices. In the AI chip supply chain, Duquesne continued to increase its stake in Taiwan Semiconductor Manufacturing Company, adding 94,400 shares to reach 589,680 shares, valued at $281.6 million at quarter-end. TSMC's second-quarter profit surged 77% year-over-year, and management raised its 2026 sales forecast and capital expenditure guidance. Additionally, the firm increased its position in STMicroelectronics by 490,000 shares to 3.1 million shares, valued at $232.4 million, and boosted its holding in Seagate Technology by 71,300 shares to 122,000 shares, valued at $117.7 million. STMicroelectronics reported 26% sales growth in the second quarter, with management expecting further acceleration driven by AI data centers and low-earth orbit projects. Conversely, Duquesne reduced its stake in Arm Holdings by more than 70%.
Other Significant Portfolio Adjustments
Beyond semiconductors, Duquesne directed capital into broader AI infrastructure. The firm purchased over 4 million shares of Bitdeer Technologies and initiated a new position of 754,800 shares in Riot Platforms. In the airline sector, Duquesne established a new position of 603,000 shares in Delta Air Lines and nearly tripled its holdings in United Airlines to 794,795 shares. In media, the firm built a new position in Fox Corporation, including about 2.2 million Class A shares valued at $115 million, bringing the total Fox holding to approximately 2.8 million shares. The healthcare sector also saw notable activity. Duquesne increased its stake in Insmed by 270,600 shares to 1.42 million shares, worth $151.9 million, and simultaneously initiated a new call option position covering approximately 1.35 million shares, valued at $143.9 million. The Natera position was increased by 122,700 shares to 3.19 million shares, valued at $864.9 million at quarter-end, making it one of the portfolio's significant holdings. Furthermore, Duquesne fully exited positions in Cloudflare and MercadoLibre and reduced its stake in Alcoa by more than 70% in the second quarter.
Duquesne also reignited its interest in the Chinese technology sector, establishing a new position in Baidu ADRs, purchasing 88,000 units, representing 0.2% of its portfolio. Baidu's first-quarter 2026 earnings report, released in May, showed that AI revenue accounted for more than half of its total for the first time, becoming a core growth driver. The company is scheduled to report its second-quarter 2026 earnings this Tuesday.
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