Billionaire Stan Druckenmiller Sold Nvidia and Bought This Undervalued ETF Instead [Yahoo! Finance]
iShares Select Dividend ETF (DVY)
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ishares.com/us/products/239500/ishares-select-dividend-etf
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Source: Yahoo! Finance
The former hedge fund manager and George Soros lieutenant first invested in Nvidia for his portfolio at his Duquesne Family Office in late 2022. He added a significant amount to his position following the launch of OpenAI's ChatGPT on Nov. 30 of that year. He continued building up his position almost every quarter in 2023, with the stock and call options representing over 16% of his portfolio as of the end of the year. At that point, he'd invested nearly $550 million in the artificial intelligence (AI) chip leader. That big bet continued to pay off in early 2024 as Nvidia stock climbed higher. But as the share price topped $900, Druckenmiller noted in an interview with CNBC, "A lot of what we recognized has become recognized by the marketplace now." As such, he sold some of his shares and all of his call options. He ended the first quarter with just $159 million worth of Nvidia stock, cutting his position by roughly 84%. Druckenmiller's Nvidia stake helped increase his portfolio
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