Billionaire Stan Druckenmiller Is Selling Nvidia and Buying 2 Artificial Intelligence (AI) Stocks Instead [Yahoo! Finance]
Arista Networks, Inc. (ANET)
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Source: Yahoo! Finance
His hedge fund, Duquesne Capital Management, returned an average of 30% annually over three decades without a single down year. Druckenmiller closed the hedge fund in 2010 and he now manages his personal wealth through the Duquesne Family Office. In the fourth quarter, Druckenmiller reduced his position in Nvidia stock by 29%, but he simultaneously purchased call options , contracts that give an investor the right to buy a stock at a specific price in the future. That strategy let Druckenmiller maintain exposure to the artificial intelligence (AI) chipmaker, while spending less money (call options cost less than the underlying stock) and taking less risk (call options do not have to be exercised). With that in mind, it would be fair to say Druckenmiller was still bullish on Nvidia during the fourth quarter, but perhaps less bullish than in the third quarter. That is noteworthy for two reasons. First, Nvidia never traded about $505 per share in the fourth quarter, but the stock cur
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