Duquesne Family Office's Druckenmiller sold 692,140 shares of Amazon in the March-ended quarter, reducing the fund's stake by 94%, while simultaneously purchasing 411,400 shares of Intel—a position he had not held since the first quarter of 2018.
Amazon shares fell from a range of $225 to $240 during the final six months of 2025 to around $200 in the first quarter, partly due to an Iran war-driven market downturn. Druckenmiller noted in May 2024 that AI "might be a little overhyped now, but underhyped long term," but Amazon shares are not cheap by traditional valuation metrics such as price-to-earnings ratio.
Intel's resurgence connects to growing demand for CPUs in enterprise AI data centers. Nvidia invested $5 billion into Intel in December, and the Trump administration invested $8.9 billion in Intel in August 2025—a figure that has more than quintupled. If Druckenmiller still holds his Intel shares, he is up well over 100% following the company's second-quarter run-up.
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