Druckenmiller’s Fund Cuts Amazon Stake by 94% in Shift to Intel

Form 13F filings with regulators reveal that billionaire Stanley Druckenmiller’s Duquesne Family Office significantly reduced its position in Amazon, selling 692,140 shares in the quarter ended March 2026. The transaction slashed the fund’s stake in the e-commerce and cloud infrastructure giant by 94 per cent. This divestment marks a sharp reversal from the final two quarters of 2025, during which Druckenmiller had been a consistent buyer, adding 437,070 shares in the September-ended quarter and a further 300,870 shares in the fourth quarter.

At the close of 2025, Amazon stood as Duquesne’s seventh-largest position by market value. The fund’s decision to exit the majority of that holding coincides with a decline in the stock’s price, which fell from the $225 to $240 range in late 2025 to approximately $200 in the first quarter of 2026. Druckenmiller is known for an active management style, with the average holding period for a top-10 position in his portfolio reported at just five months, suggesting that short-term price movements or stop-loss mechanisms may have influenced the timing of the sale.

Simultaneously, the fund purchased 411,400 shares of Intel, marking its first investment in the chipmaker since the first quarter of 2018. The acquisition aligns with a period of significant institutional and government backing for the company. Nvidia invested $5 billion into Intel in December, and the Trump administration injected $8.9 billion into the firm in August 2025, a figure that has reportedly more than quintupled in subsequent valuations.

The move into Intel comes as demand for central processing units in enterprise artificial intelligence data centres rises, complementing the existing dominance of graphics processing units. Druckenmiller has previously noted that while AI may be overhyped in the short term, it remains underhyped in the long term. Amazon Web Services, the world’s leading cloud infrastructure platform, has seen high-margin sales accelerate following the integration of AI solutions, though the stock’s valuation metrics, such as the price-to-earnings ratio, remain elevated.

If Druckenmiller retains his Intel position, the fund has benefited from a substantial run-up in the share price, with reports indicating potential gains exceeding 100 per cent. The transaction highlights a rotation within the fund’s portfolio, moving away from a high-valuation tech giant with a recent history of strong earnings—Amazon reported $213.4 billion in revenue and $25 billion in operating income for the fourth quarter of fiscal 2025—towards a turnaround candidate in the semiconductor sector.