Stanley Druckenmiller's Trades and Holdings in Q3 2025

Breaking down the stocks Stanley Druckenmiller (Duquesne) bought, sold, and held in Q3 2025, including their holdings at the end of the quarter. All data sourced from Duquesne's 13F filed on November 14, 2025.

Who are Stanley Druckenmiller and Duquesne?

Duquesne manages the personal wealth of legendary investor Stanley Druckenmiller achieving an impressive average annual return of 30% without a single down year over 30 years. The firm employs Druckenmiller's signature top-down, macro-focused investment approach, capitalizing on his renowned ability to identify emerging opportunities and anticipate second and third-order market effects.

Duquesne.com
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Q3 '25 13F filed with SEC

Holdings in Q3 2025

Current Investment Strategy

Druckenmiller's Duquesne Family Office maintained its trademark macro-focused, high-conviction approach in Q3 2025, with concentrated positions in healthcare diagnostics led by top holdings Taiwan Semiconductor, Verona Pharma, and broad market exposure through MSCI Emerging Market and S&P 500 ETFs, while initiating positions in mega-cap technology names Amazon and Meta after exiting Microsoft and Eli Lilly. The legendary investor's portfolio reflected an agile repositioning toward semiconductor exposure, emerging market diversification, and selective re-entry into big tech, consistent with his ability to anticipate macroeconomic shifts and second-order market effects.

New Investments

Amazon AMZN

Stanley Druckenmiller bought $95.97M of Amazon in Q3 2025. Amazon delivered a strong Q3 2025 earnings beat with EPS of $1.95 exceeding forecast by 25% and revenue reaching $180.2 billion, up 12% year-over-year. AWS demonstrated accelerating growth at 20.2% year-over-year with a 270 basis point acceleration from the prior quarter, driven by strong AI demand and increased capacity. However, the stock declined 3.23% in after-hours trading despite the earnings beat, with heavy insider selling and analyst price targets averaging $300 suggesting the market is pricing in elevated expectations and concerns over capital expenditures.

• EPS surpassed forecast by 25% to $1.95, with revenue beating expectations at $180.2 billion, up 12% year-over-year.
• AWS accelerated 20.2% year-over-year with 270 basis point acceleration versus prior quarter, while advertising revenue grew 22% year-over-year.
• Stock fell 3.23% despite earnings beat; insider trading shows 69 sales and 0 purchases over past 6 months with analyst median price target of $300.

Figure Technology FIGR

Stanley Druckenmiller bought $76.99M of Figure Technology in Q3 2025. Figure Technology Solutions demonstrated strong performance in Q3 2025, beating earnings expectations amid a significant stock price surge of 24.11% on November 14, 2025. The company maintains a robust balance sheet with assets valued at over $1.27 billion, working capital of $226 million, and a controlled debt position of approximately $174 million. With a 14.72% return on invested capital, the company is effectively managing resources and optimizing operations to drive both near and long-term shareholder value.

• Q3 2025 earnings beat expectations; stock surged 24.11% on November 14, 2025.
• Strong balance sheet with $1.27 billion in assets and $226 million in working capital.
• Return on invested capital of 14.72% demonstrates efficient operational management.

StubHub STUB

Stanley Druckenmiller bought $71.73M of StubHub in Q3 2025. StubHub reported $468 million in Q3 2025 revenue, representing 8% year-over-year growth and exceeding analyst expectations, with Gross Merchandise Sales reaching $2.4 billion, up 11% YoY. However, the company posted a $1.33 billion net loss for the quarter, primarily driven by a one-time stock-based compensation expense, causing shares to plunge 23% following the earnings announcement. The lack of forward guidance and management's focus on long-term planning over short-term forecasts amid event scheduling uncertainty further dampened investor sentiment.

• Revenue grew 8% YoY to $468 million, exceeding expectations, while Gross Merchandise Sales surged 11% YoY to $2.4 billion.
• Net loss of $1.33 billion in Q3 2025 primarily attributable to one-time stock-based compensation charges masking operational profitability.
• Stock price declined 23% post-earnings due to larger-than-expected loss and absence of Q4 2025 guidance.

Meta META

Stanley Druckenmiller bought $55.89M of Meta in Q3 2025. Meta delivered impressive operational results in Q3 2025 with revenue of $51.24 billion (+26% year-over-year), surpassing consensus estimates and driven by strong advertising demand across its family of apps with 3.54 billion daily active users (+8% y/y). While operating fundamentals remain robust with operating income growing 18% to $20.54 billion, a $15.9 billion one-time tax charge from the "One Big Beautiful Bill" act obscured underlying earnings strength (adjusted EPS would have been $7.25 versus reported $1.05), triggering an 8% stock decline despite solid business performance. The company's aggressive capital expenditure expansion to $70-72 billion for full-year 2025 signals intensified competition in AI infrastructure but raises investor concerns about near-term margin pressure and return on investment.

• Revenue surged 26% year-over-year to $51.24 billion, substantially exceeding consensus of $49.36 billion, with operating income up 18% to $20.54 billion.
• Adjusted net income of $18.64 billion (excluding tax charge) and adjusted EPS of $7.25 demonstrate core earnings power, while free cash flow remained solid at $10.62 billion.
• Capital expenditures reached $19.37 billion in Q3 with full-year guidance raised to $70-72 billion, reflecting 6-9% increase from prior guidance amid intensified AI infrastructure buildout.

GE Vernova GEV

Stanley Druckenmiller bought $47.54M of GE Vernova in Q3 2025. GE Vernova delivered strong Q3 2025 results with 12% revenue growth to $10.0B and 55% organic order growth driven by robust demand for Gas Power equipment and electrification solutions, though earnings per share of $1.64 fell short of the $1.86 consensus estimate. The company is decisively gaining momentum with adjusted EBITDA expanding 600 basis points quarter-over-quarter and nearly $2B in free cash flow generated year-to-date, supported by accelerating backlog growth of $6.6B sequentially and strategic market positioning in the energy transition. Over the past 12 months, the stock has delivered exceptional returns while management reaffirmed full-year $36-37B revenue guidance and signaled continued margin expansion amid unprecedented electricity investment demand.

• Revenue grew 12% to $10.0B in Q3 with 10% organic growth; backlog increased $6.6B sequentially to support 290 basis points of adjusted EBITDA margin expansion year-to-date.
• Free cash flow generation of $730M in Q3 brings year-to-date total to nearly $2B; adjusted EBITDA margins expanded 600 basis points quarter-over-quarter.
• Stock appreciated 117.48% over the past year; company booked 12GW of new gas turbine contracts in Q3 with backlog growing from 55 to 62GW amid strong electrification demand (+37% equipment revenue growth).

CRH CRH

Stanley Druckenmiller bought $47.22M of CRH in Q3 2025. CRH achieved record third quarter 2025 results with total revenues increasing 5% YoY to $11.1 billion, net income growing 9% to $1.5 billion, and diluted EPS rising 12% to $2.21, driven by favorable market demand, positive pricing momentum, and contributions from acquisitions. The company demonstrated significant margin expansion with net income margin up 50 basis points to 13.7% and Adjusted EBITDA margin up 100 basis points to 24.3%, reflecting operational leverage and strong execution of its growth strategy. Management's reaffirmed FY25 net income guidance combined with raised Adjusted EBITDA guidance signals confidence in sustained performance, supported by aggressive acquisition execution of 27 deals for $3.5 billion YTD.

• Diluted EPS grew 12% year-over-year to $2.21 supported by 9% net income growth and strong operational performance.
• Adjusted EBITDA margin expanded 100 basis points to 24.3% with Adjusted EBITDA growing 10% to $2.7 billion.
• Company completed 27 value-accretive acquisitions for $3.5 billion YTD while increasing quarterly dividend 6% YoY to $0.37 per share.

Vistra VST

Stanley Druckenmiller bought $45.84M of Vistra in Q3 2025. Vistra delivered solid operational performance in Q3 2025 with adjusted EPS of $1.20 meeting analyst expectations, driven by higher realized energy and capacity prices despite GAAP net income declining $1.185 billion year-over-year from lower unrealized derivative gains. The company narrowed 2025 guidance to $5.7B-$5.9B EBITDA and initiated 2026 guidance at $6.8B-$7.6B, reflecting strategic expansion including the acquisition of seven natural gas plants and a 20-year nuclear contract at Comanche Peak, positioning for sustained earnings growth ahead. Over the past 12 months, shares have appreciated 26.8% despite a recent correction, with the company maintaining strong liquidity of $3.70 billion and 98% hedge coverage for 2025 generation volumes.

• Adjusted EPS met analyst expectations at $1.20 for Q3 2025, with Ongoing Operations Adjusted EBITDA increasing $143 million year-over-year to $1,581 million.
• 2026 EBITDA guidance of $6.8B-$7.6B represents 15-28% growth versus narrowed 2025 range, supported by nuclear PTC revenue and strategic acquisitions.
• One-year total shareholder return of 26.8% with $1 billion authorized for share repurchases and dividend increase, despite elevated valuation multiples at 63.2x earnings versus peer average of 29.8x.

Cleveland-Cliffs CLF

Stanley Druckenmiller bought $33.12M of Cleveland-Cliffs in Q3 2025. Cleveland-Cliffs delivered a 2.17% EPS beat in Q3 2025 with reported earnings of -$0.45 versus -$0.46 expected, though revenue fell $215 million short of analyst projections. Stock strength followed improved quarter-over-quarter EBITDA and management commentary highlighting demand recovery for automotive-grade steel made in the USA. The company is pursuing strategic expansion including rare earth extraction at two mining sites and a partnership memorandum with a major global steel producer.

• Q3 2025 EPS beat expectations by 2.17%, reporting -$0.45 vs. -$0.46 estimated.
• Revenue missed analyst expectations by approximately $215 million in Q3 2025.
• Adjusted EPS exceeded forecasts by $0.03 on quarter-over-quarter EBITDA improvement.

Liberty Media FWONK

Stanley Druckenmiller bought $30.12M of Liberty Media in Q3 2025. Liberty Media's Formula One operations demonstrated a sharp deterioration in profitability during Q3 2025, with earnings per share declining 50% year-over-year from $0.48 to $0.24 and missing consensus estimates by 42.86%, though this represented a significant pullback from Q2's exceptional 87.65% EPS beat. The earnings miss was driven by calendar variance affecting race-related revenue recognition and higher team payments, despite strong revenue growth of 27.45% above estimates to $1.09 billion, boosted by the completed MotoGP acquisition which contributed $169 million in quarterly revenue. Stock performance has lagged the broader market, gaining 8.7% year-to-date versus the S&P 500's 15.1% gain, though recent strategic initiatives including a new Apple broadcast partnership and planned Liberty Live Group split-off by December 2025 present meaningful catalysts for value creation.

• EPS declined 50% year-over-year to $0.24 in Q3, missing estimates by 42.86% after Q2's exceptional 87.65% beat.
• Revenue surpassed expectations by 27.45% to $1.09 billion, with MotoGP acquisition contributing $169 million and operating income reaching $158 million.
• Stock underperforming market by 630 basis points YTD at 8.7% gain, with major catalysts including Apple partnership, MotoGP integration, and planned Liberty Live split-off completion.

Dick's Sporting Goods DKS

Stanley Druckenmiller bought $29.43M of Dick's Sporting Goods in Q3 2025. Dick's Sporting Goods demonstrated exceptional momentum in Q2 2025 with record second quarter sales and 5.0% comparable sales growth, driven by increases in both average ticket and transactions, prompting the company to raise its full year 2025 guidance for both comparable sales to 2.0%-3.5% and earnings per diluted share to $13.90-$14.50. The company's operational strength is evidenced by gross margin expansion and a robust 36.54% return on equity, reflecting the effectiveness of its strategic store expansion and customer experience initiatives. The completed Foot Locker acquisition positions the company as a consolidating force in sporting goods retail with enhanced market reach and significant growth prospects moving forward.

• Q2 2025 comparable sales increased 5.0% with earnings per diluted share rising to $4.71 from $4.37 in the prior year quarter.
• Full year 2025 earnings per diluted share guidance raised to $13.90-$14.50 and comparable sales guidance increased to 2.0%-3.5%.
• Return on equity of 36.54% and net margin of 8.52% demonstrate strong operational leverage and profitability metrics.

S&P Bank KBE

Stanley Druckenmiller bought $28.65M of S&P Bank in Q3 2025. The fund experienced a challenging third quarter with a 13.39% decline over the three-month period, though it remains up 17.25% year-over-year through November 2025. Institutional investors have remained committed despite near-term headwinds, with hedge fund holdings expanding to 243 funds and $1.05B in Q3 2025, representing continued accumulation from Q2's 239 funds and $1.02B. The fund's steady 2.51% dividend yield and low 0.35% expense ratio provide stable income, while its modest 13.52 P/E ratio suggests reasonable valuation for equity exposure.

• Declined 13.39% over the three-month Q3 period but gained 17.25% over the trailing twelve months.
• Dividend yield of 2.51% with quarterly distributions averaging $0.36 per share.
• Hedge fund ownership increased to 243 institutions managing $1.05B in Q3, with a net 8 more positions opened than closed.

Aeva AEVA

Stanley Druckenmiller bought $26.67M of Aeva in Q3 2025. Aeva demonstrated strong momentum in Q3 2025 with revenue surging 59.1% year-over-year to $3.58M and non-GAAP EPS of -$0.46 beating expectations by 8%, while operating losses improved meaningfully. The company secured a transformational $100M investment from Apollo Global Management and reached a critical milestone by completing development with a top-10 global passenger OEM, with series production negotiations in late stages. With pro forma liquidity of $270M, the company is well-positioned to capitalize on emerging automotive and industrial demand.

• Q3 2025 revenue grew 59.1% year-over-year to $3.58M, with non-GAAP EPS of -$0.46 beating expectations by 8%.
• Non-GAAP operating loss improved 13.2% to $27.2M compared to $31.4M in Q3 2024.
• Pro forma liquidity stands at $270M with $100M Apollo Global Management convertible note investment.

PG&E PCG

Stanley Druckenmiller bought $24.87M of PG&E in Q3 2025. PG&E demonstrated strong operational execution in Q3 2025, with non-GAAP core EPS of $0.50 beating consensus forecasts by 16.28%, though revenue of $6.25 billion missed expectations by 2.5%. Year-to-date non-GAAP core EPS increased 7.5% to $1.14 versus $1.06 in 2024, driven by disciplined cost management with $0.08 in O&M savings and customer capital investment growth, partially offset by elevated wildfire-related claims. Management narrowed 2025 full-year guidance to $1.49–$1.51 per share and initiated 2026 guidance of $1.62–$1.66, representing 9.3% midpoint growth, while reaffirming at least 9% annual EPS growth through 2030.

• Non-GAAP core EPS beat forecast by 16.28% with Q3 actual of $0.50 versus $0.43 expected, driven by operational efficiency gains.
• Year-to-date GAAP EPS of $0.89 up 4.7% versus $0.85 in 2024, with Q3 non-GAAP core EPS growth of 35.1% year-over-year from $0.37.
• 2026 guidance midpoint of $1.64 implies 9.3% growth from 2025 midpoint of $1.50, with company committing to 9% or greater annual EPS growth through 2030.

Alphabet GOOGL

Stanley Druckenmiller bought $24.84M of Alphabet in Q3 2025. Alphabet delivered record Q3 2025 results with $102.3 billion in revenue, up 16% year-over-year, demonstrating strong execution on AI monetization across Search, Cloud, and subscriptions. The company achieved its first-ever $100 billion quarter with AI-driven experiences like Gemini and AI Mode accelerating user engagement and query growth. Cloud momentum significantly accelerated with backlog growth of 46% quarter-over-quarter to $155 billion, signaling robust enterprise AI adoption and strong demand expected into 2026.

• Revenue grew 16% YoY to $102.3 billion with free cash flow margins at 23.9%, reflecting strong operational leverage and profitability expansion.
• Google Cloud accelerated 34% growth in Q3 with 46% backlog growth QoQ, now comprising 15% of total revenue and signaling AI-driven inflection.
• Gemini app reached 650 million monthly active users with queries up 3x from Q2, while AI Mode generated 75 million daily active users with 200%+ revenue growth from generative AI products.

Arm Holdings ARM

Stanley Druckenmiller bought $23.76M of Arm Holdings in Q3 2025. Arm Holdings delivered a strong Q2 fiscal 2026 earnings beat with profit more than doubling, driven by record demand for its compute platform and accelerating artificial intelligence adoption. The company is well-positioned to capitalize on AI tailwinds with Q3 guidance projecting 25% year-over-year revenue growth, bolstered by record China sales now representing 22% of revenue. With 24 analysts maintaining a "Strong Buy" consensus and a $178.86 price target implying 27.37% upside from current levels, market sentiment reflects confidence in sustained AI-driven demand expansion.

• Revenue growth accelerating with 23.94% year-over-year increase in fiscal 2024 and 25% YoY growth expected for Q3 fiscal 2026.
• Earnings surged 158.82% in fiscal 2024 to $792 million, with forward P/E of 72.15 representing significant valuation compression from current P/E of 180.08.
• Stock appreciated 87% from 52-week low of $80.00 to current price near $149.74, substantially outperforming amid AI-driven semiconductor strength.

Semtech SMTC

Stanley Druckenmiller bought $21.54M of Semtech in Q3 2025. Semtech demonstrated sustained momentum in its most recent quarter, with Q4 FY2025 net sales reaching $251.0 million (up 6% sequentially and 5% year-over-year), continuing the recovery trajectory established in Q3. The company achieved exceptional margin expansion with non-GAAP gross margin improving to 53.2% and non-GAAP operating margin reaching 19.9% in Q4, signaling strong operational leverage from broad-based growth across all end markets. Record data center performance (up 58% sequentially in Q3 to $43.1 million) driven by AI demand, combined with multi-generational customer roadmap alignment, positions the company as a strategic beneficiary of the long-term semiconductor infrastructure buildout.

• Q4 FY2025 net sales reached $251.0 million, up 6% sequentially and representing full-year FY2025 revenue of $909.3 million, up 5% year-over-year.
• Non-GAAP gross margin expanded to 53.2% in Q4 (up 80 basis points sequentially) with non-GAAP operating margin improving to 19.9% (up 160 basis points sequentially).
• Data center segment surged 58% sequentially in Q3 to $43.1 million, driven by AI-driven product demand recognized as transformational long-term growth engine.

Genuine Parts GPC

Stanley Druckenmiller bought $19.98M of Genuine Parts in Q3 2025. Genuine Parts posted a mixed Q3 2025 showing revenue beat but EPS miss, with $6.3 billion in sales up 4.9% year-over-year while adjusted EPS of $1.98 missed the $2.01 forecast, mainly due to $49 million in after-tax restructuring charges. Management raised full-year revenue growth guidance to 3-4% from 1-3%, signaling demand momentum, though narrowed EPS guidance to $7.50-$7.75 from $7.50-$8.00. Operationally, the company achieved strong 60 basis point gross margin expansion and 10% EBITDA growth, but nine-month net income fell 12% year-over-year to $675 million, raising questions about profit realization despite revenue momentum.

• Adjusted diluted EPS grew 5.3% year-over-year to $1.98, but full-year EPS guidance was narrowed to $7.50-$7.75 from $7.50-$8.00.
• Q3 revenue of $6.3 billion beat expectations by 2.29%, with management raising full-year revenue growth guidance to 3-4% from 1-3%.
• Gross margin expanded 60 basis points and adjusted EBITDA surged 10% year-over-year, though nine-month net income declined 12% to $675 million.

Post POST

Stanley Druckenmiller bought $18.96M of Post in Q3 2025. Post Holdings delivered strong Q3 2025 results with earnings per share of $2.03, significantly outperforming the forecast of $1.66 by 22.29%, driven by exceptional performance in its foodservice segment which saw net sales surge 18.6% and adjusted EBITDA increase 32.1%. Revenue reached $2.0 billion, up 2% year-over-year, with adjusted EBITDA of $397 million increasing 13.4%, reflecting operational resilience amid elevated egg costs and strong pricing power. The company raised its full-year 2025 adjusted EBITDA guidance to $1,500-$1,520 million and executed an aggressive share repurchase program, while the stock currently trades at a 17.36x P/E ratio near its 52-week low.

• EPS beat forecast by 22.29%, reaching $2.03 vs. forecasted $1.66.
• Foodservice segment revenue increased 18.6% with adjusted EBITDA surging 32.1% year-over-year.
• Raised full-year 2025 adjusted EBITDA guidance to $1,500-$1,520 million while repurchasing approximately 8% of shares.

SanDisk SNDK

Stanley Druckenmiller bought $18.65M of SanDisk in Q3 2025. SanDisk demonstrated a dramatic turnaround from Q3 2025 to Q4 2025, rebounding from a $0.30 per share loss to deliver a $1.22 earnings beat that significantly exceeded analyst expectations, while Q4 revenue reached $2.31 billion with 22.6% year-over-year growth, suggesting the company has successfully navigated prior supply-demand imbalances and is benefiting from strategic pricing and enterprise SSD focus. The strong Q4 performance triggered analyst upgrades and unusually high trading volume, with the company maintaining improved cash reserves of $1.5 billion and signaling confidence in balanced supply-demand recovery by fiscal 2026.

• Q4 2025 EPS of $1.22 beat analyst expectations by approximately 110% versus $0.58 expected.
• Q4 revenue of $2.31 billion grew 22.6% year-over-year and exceeded prior guidance of $1.75-$1.85 billion.
• Company recovered from Q3 non-GAAP loss of $0.30 per share to Q4 profitability amid strategic enterprise SSD allocation increasing to 12% of bit shipments from 8% year-over-year.

Synchrony Financial SYF

Stanley Druckenmiller bought $18.6M of Synchrony Financial in Q3 2025. Synchrony demonstrated robust Q3 2025 performance, delivering earnings per share of $2.86 that significantly exceeded analyst estimates by 28.9%, with earnings increasing 47.4% year-over-year to $1.1 billion. The strong results were driven by improved net interest margin expansion of 58 basis points to 15.6%, solid purchase volume growth of 2% to $46 billion, and enhanced credit quality with 30+ days past due loans declining 39 basis points to 4.39%. While loan receivables declined 2% and revenue remained flat year-over-year amid ongoing impacts from 2023-2024 credit actions, the company's return on equity surged 530 basis points to 25.1%, capital ratios strengthened to a CET1 ratio of 13.7%, and management raised full-year efficiency ratio guidance, reflecting confidence in the company's distinctive business model.

• EPS grew 47.4% year-over-year to $2.86 per share, beating analyst estimates by 28.9%.
• Return on equity surged 530 basis points to 25.1%, with return on tangible common equity at 30.6%.
• Net interest margin expanded 58 basis points to 15.6%, while 30+ days past due loans declined 39 basis points to 4.39%, demonstrating strengthened credit quality.

Added, Trimmed, and Exited

Added

Stanley Druckenmiller dramatically increased his conviction in biotechnology and healthcare, with massive additions to Natera (NTRA) (up 2,575% to $517M), Insmed (INSM) (up 3,368% to $349M), and NewAmsterdam Pharma (NAMS) (up 263% to $55M), making these among his largest holdings. He also substantially added to consumer-facing positions including Coupang (CPNG), Restaurant Brands (QSR), and DocuSign (DOCU), while building his financial sector exposure with increased stakes in Bank of America (BAC) and Teva (TEVA). Additional meaningful increases came in BBB Foods (TBBB), Enliven Therapeutics (ELVN), Option Care Health (OPCH), and Twilio (TWLO).
What it means: The aggressive scaling into biotech names—particularly the 25-30x increases in Natera and Insmed—signals Druckenmiller identified a major investment thesis shift, likely related to breakthrough clinical data or commercial inflection points in diagnostics and rare disease therapeutics. The concentration of capital in these healthcare positions, combined with selective additions to quality consumer franchises and cloud software infrastructure plays, suggests he's positioning for a multi-year secular growth wave in precision medicine while maintaining diversified exposure to digital transformation and normalized consumer spending patterns. The healthcare buildout is particularly striking given his historical macro focus, indicating these represent his highest-conviction opportunities in the current market.

Trimmed

Druckenmiller significantly reduced exposure to several international and consumer-facing positions, most notably slashing Chime Financial (CHYM) by 95%, YPF (YPF) by 87%, Flutter Entertainment (FLUT) by 75%, and Nu Holdings (NU) by 50%. He also trimmed industrial and technology names including Daktronics (DAKT) down 35%, EQT (EQT) down 33%, and Unity Software (U) down 18%.
What it means: The dramatic reduction in fintech and international positions—particularly the near-complete exit from Chime Financial and YPF—suggests profit-taking after strong runs or concerns about valuation compression and regulatory/macro headwinds in emerging markets and digital banking. The trimming of Flutter Entertainment and Nu Holdings after their substantial appreciation indicates risk management and redeployment of capital toward his new biotech convictions. The reduction in Unity Software and Daktronics may reflect concerns about enterprise spending normalization or stretched valuations in cyclical technology segments, consistent with his pattern of rotating out of positions as investment theses mature or risk/reward becomes less favorable.

Exited

Druckenmiller completely exited 20 positions worth approximately $1.0 billion, including major technology and healthcare names like Microsoft (MSFT) ($99.9M), Eli Lilly (LLY) ($78.5M), Broadcom (AVGO) ($23.7M), and Illumina (ILMN) ($28.7M). He also liquidated consumer/industrial holdings including Philip Morris (PM) ($148.6M), Warner Bros Discovery (WBD) ($74.9M), and semiconductor-related positions in Entegris (ENTG) ($132.7M) and Coherent (COHR) ($103.3M). Additional exits included financial services positions like the Financial (XLF) ETF ($51.6M) and Goldman Sachs (GS) ($29.7M), travel names Delta (DAL) and United Airlines (UAL), gaming/entertainment stocks Caesars Entertainment (CZR), Hasbro (HAS), and AppLovin (APP), plus industrial names Corning (GLW), Kinder Morgan (KMI), and XPO (XPO), alongside the MSCI Brazil (EWZ) ETF and Barclays (BCS).
What it means: The wholesale liquidation of mega-cap technology winners like Microsoft, Broadcom, and Eli Lilly—likely after exceptional 2024-2025 runs—combined with exits from semiconductor equipment suppliers and the financial sector ETF, suggests Druckenmiller is taking chips off the table in crowded consensus trades that may have reached full valuation. The simultaneous exit from airlines, gaming, entertainment, and industrial cyclicals indicates a shift away from economic reopening/normalization themes and traditional cyclical exposure. Most tellingly, the exit from his own highly successful AppLovin position and the emerging markets EWZ ETF signals he's radically simplifying the portfolio and redeploying capital into his new high-conviction biotech thesis, rotating from diversified macro bets into concentrated sector specialists where he sees asymmetric risk/reward—a classic Druckenmiller move when conviction dramatically shifts.

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.