The investor who sold Nvidia back in 2024 is back in Big Tech. What did he buy?

Billionaire Stanley Druckenmiller significantly increased his investments in major technology companies in the third quarter. Among other things, he increased his positions in Amazon, Alphabet and Meta and also made a new bet on the issuer of the steiblcoin Figure Technology, which recently went public.

Druckenmiller is known for his early trades in Nvidia stock: he first bought shares of the chipmaker back in 2016, and opened a large position in it in 2022 in anticipation of the artificial intelligence revolution. In the third quarter of 2024, after an explosive rise in the stock, the investor exited Nvidia entirely, later calling the stock sale a "big mistake." But Druckenmiller has not abandoned the topic of artificial intelligence: Taiwan Semiconductor Manufacturing and Microsoft remain in his portfolio.

In the third quarter, Duquesne Family Office, Druckenmiller's asset manager, opened new positions in three "Magnificent Seven" companies at once. The fund bought 437,000 shares of Amazon, 76,100 shares of Meta Platforms and 102,200 shares of Alphabet, investing $176 million in the three companies. These companies have already appeared in Druckenmiller's portfolio in different years: for example, since 2014, he has made 37 transactions with Meta Platforms securities - 16 purchases and 21 sales.

Druckenmiller uses "opportunistic rotation" tactics: entering and exiting Big Tech depending on demand estimates, market phase and possible overheating. Buying hyperscaler shares in the third quarter of 2025 could indicate investor confidence in the growing demand for artificial intelligence infrastructure, CMC Markets notes.

Druckenmiller's most notable purchase in the third quarter was fintech company Figure Technology: Duquesne bought more than 2.1 million shares of Figure for about $77 million. This position now represents 1.9% of his portfolio.

Figure Technology specializes in consumer loans and uses automation, algorithms and blockchain to do so. The company's business is built around issuing home equity and other consumer loans, which are processed through its own digital platforms. Some of the transactions go through Figure Connect, a platform that connects banks and other lenders with borrowers and automatically distributes applications to participants. The company recently went public on the Nasdaq: it listed in September. In addition, the company is developing asset tokenization, launched a Treasury-backed stablecoin YLDS and securitized AAA-rated loans on the blockchain.

According to the third quarter report, Figure's revenue rose 55% year-over-year to $156.4 million, profit increased 220% to $89.8 million, and EBITDA margin rose to 55.4% from 44.9% a year earlier. Loan originations increased 70% year-over-year to $2.5 billion, with about 46% of new deals coming from the Figure Connect platform. Following the disclosure of Druckenmiller's position, Figure shares were up nearly 5% at the close of trading on Nov. 17. Analysts at Piper Sandler and Mizuho raised their target prices on the company's securities from $50 to $55 and from $47 to $56, respectively, seeing upside potential of 30% over a 12-month period.

Duquesne has increased its stake in Israel's Teva Pharmaceutical Industries, one of the world's largest generics producers, by 3.9%. The company's share in the family office portfolio reached 8.5%. Next to Teva among the largest positions of the fund remain the developer of high-precision genetic tests Natera and biopharmaceutical company Insmed, specializing in the treatment of rare diseases. Together, these issuers form more than 30% of Duquesne's portfolio.

The position in Bank of America, the second largest US bank by assets, which combines classic retail business with investment and management services, almost tripled (+189%). Druckenmiller's portfolio at the end of the third quarter included 989 thousand shares of the bank.

Duquesne made a bet on emerging markets and invested over $101 million in the iShares MSCI Emerging Markets ETF (EEM). The position became one of the top ten largest assets of the fund. Since the beginning of the year, EEM securities have added almost 30%.

In energy, Druckenmiller cut his investment in EQT, a major U.S. natural gas producer, reducing his stake by 28.6% to 895,000 shares, and opened a new position in GE Vernova, an energy company that provides technology and equipment for conventional and renewable generation - 77,000 shares for $47.5 million.

The fund sold some of its securities in full. Duquesne withdrew from Microsoft and pharmaceutical company Eli Lilly, known for its developments in the field of diabetes and oncology treatment. The fund also closed positions in tobacco concern Philip Morris International and in two companies producing equipment and materials for semiconductors: Entegris and Coherent.

This article was AI-translated and verified by a human editor