Billionaire Stanley Druckenmiller, head of Duquesne Family Office, has ditched shares of AI giants Palantir and Nvidia. According to Form 13Fs filings, between March 31, 2024 and March 24,2025, Druckenmiller is betting on turnaround stocks Philip Morris International, Warner Bros. Discovery, and Teva Pharmaceutical Industries.
Form 13F filings with the Securities and Exchange Commission (SEC) offer a snapshot of what Wall Street’s top money managers are buying and selling. Institutional investors with at least $100 million in assets under management (AUM) must file, making their moves visible to all.
Druckenmiller, whose fund manages over $3.7 billion in AUM, runs an active hedge fund. With an average hold time of fewer than seven months for all 78 securities, he tends to chase short-term price dislocations.
Billionaire dumps AI darlings
Duquesne Family Office’s chief sold 95% of the fund’s stake in Palantir since March 31, 2024. All 9,500,750 split-adjusted shares of Nvidia that Duquesne held as of June 30, 2023, were gone 12 months later, following Nvidia’s 10-for-1 forward split in June 2024.
The sell-off likely comes from multiple factors. Palantir and Nvidia stocks surged to unusual gains, near 2000% at Palantir’s peak since 2023, and by more than $3 trillion for Nvidia’s market cap.
Valuation concerns also played a role. Companies at the forefront of major trends, such as AI, may experience that their valuations peak at a sales ratio from 31 to 43 times. In June 2024, Nvidia reached a price-to-sales (P/S) ratio ceiling of 42.39, while Palantir’s P/S ratio hit around 100 last month.
Druckenmiller’s turnaround bets
Druckenmiller has been investing in three turnaround stocks:
- Philip Morris International: Druckenmiller purchased 1,352,255 shares last year. Philip Morris’s geographic diversity, with operations in over 180 countries, helps balance declining cigarette shipments in developed markets with growth in emerging markets.
- Warner Bros. Discovery: In 2024, Druckenmiller bought 4,657,650 shares. Warner Bros. Discovery’s global direct-to-consumer subscribers surged by over 19 million last year, reaching 116.9 million, and average revenue per user was in the mid-to-high $7 range.
- Teva Pharmaceutical Industries: Duquesne acquired 8,997,400 shares in 2024, making it Druckenmiller’s fourth-largest holding. In July 2022, the brand-name drug developer settled opioid litigation with 48 states for $4.25 billion, payable over 13 years, with up to $1.2 billion potentially consisting of Narcan deliveries.
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