Legendary investor Drucken Miller's Q2 major position: Amazon (AMZN.US) holdings surged more than tenfold, $120 million returned to Alphabet (GOOGL.US), cleared Broadcom (AVGO.US), Micron (MU.US), etc.

The Zhitong Finance App learned that according to the US Securities and Exchange Commission (SEC) disclosure, the Duquesne Family Office, the family office of legendary fund manager Stanley Druckenmiller (Stanley Druckenmiller), submitted the US stock position report (13F) for the second quarter ending June 30, 2026.

Statistics show that the total market value of Duquesne's holdings in the second quarter reached about US$5.21 billion, while the total market value of its holdings in the previous quarter was about US$3.38 billion. According to the data, Duquesne added 48 new shares to its portfolio in the second quarter and increased its holdings by 16 shares. Meanwhile, the agency reduced its holdings by 11 shares and cleared 23 shares. Among them, the top ten holdings accounted for 45.83% of Duquesne's total US stock market value.

Changes in AI investment layout: increasing holdings in Amazon, Alphabet, Clearance Broadcom, etc.

Since 2026, the NASDAQ has risen 15% cumulatively, and the AI arms race continues to accelerate. The market expects the total capital expenditure of the five largest cloud vendors in the US to be close to 730 billion US dollars this year, but at the same time, Wall Street's questions about whether cloud and AI revenue can continue to outperform data center investment also continue to heat up.

Drucken Miller said earlier this year that AI is no longer the protagonist in his portfolio, and recalled that AI trading was “unnervingly hot” last summer. However, position adjustments in the second quarter showed that he was still actively deploying AI infrastructure and platform-based companies, which is in line with his consistent style of flexible and quick adjustments.

According to the latest 13F document, the agency increased Amazon (AMZN.US) holdings by more than tenfold, created a new Alphabet (GOOGL.US) position of about 120 million US dollars, while also clearing Broadcom (AVGO.US), Intel (INTC.US), and Micron Technology (MU.US); it is also making extensive arrangements in fields such as AMD (AMD.US), TSM.US (TSM.US), AI infrastructure, aviation, and media.

Specifically, Duquesne increased Amazon's common shares from about 45,800 shares to 541,600 shares, increasing its holdings by about 495,800 shares, an increase of more than 1000%; as of June 30, the market value of this portion of the position was about 129.1 million US dollars. At the same time, Amazon's call options also increased by 259,300 shares to 459,300 shares, with a market capitalization of about US$109.5 million.

According to reports, Amazon's performance in the second quarter was strong. AWS cloud revenue increased 37% year over year to 42.2 billion US dollars, and AWS operating profit reached 16.6 billion US dollars, indicating that AI capital expenditure is being transformed into cloud business growth and profit.

On the Alphabet side, Duquesne cleared Alphabet's inventory at the end of the previous quarter, but re-bought 336,300 Class A shares in the second quarter, with a market value of about US$1202 million. Additionally, the agency has added bullish options for Meta Platforms (META.US) and Tesla (TSLA.US).

Alphabet's fundamentals supported this increase in holdings. In the second quarter, Alphabet's revenue increased 24% year over year to 119.8 billion US dollars, and operating profit increased 30% to 40.8 billion US dollars; Google Cloud revenue surged 82% year over year to 24.8 billion US dollars, and cloud operating profit more than tripled to 8.8 billion US dollars. What is more noteworthy is that Google Cloud's backlog of orders increased from US$462.3 billion at the end of March to US$513.9 billion, and the company expects to confirm more than 50% of this over the next 24 months. In addition, Alphabet also has the role of an AI platform and infrastructure provider, and can be monetized through multiple channels of Gemini, enterprise AI products, self-developed TPU, search, and cloud services.

Notably, Duquesne isn't the only well-known investor who is optimistic about Alphabet. Berkshire Hathaway continued to increase its Alphabet position after first disclosing its position in the third quarter of 2025, further increasing its holdings by 83% to 106 million shares in the second quarter. Alphabet's stock price has fallen back from a May high of more than $400 to around $346, and is also viewed by some investors as a more attractive entry point.

The semiconductor sector was one of the sectors where Duquesne adjusted its positions most drastically this quarter. The agency completely liquidated Broadcom, Intel, and Micron, while also opening a new 72,900 AMD stock position.

In the AI chip industry chain, Duquesne continued to increase its holdings of TSMC and increased its holdings by 94,400 shares to 589,680 shares, with a market value of about US$281.6 million at the end of the quarter. TSMC's second-quarter profit surged 77% year over year, and management also raised sales expectations and capital expenditure guidelines for 2026. In addition, the agency increased its holdings of STM.US (STM.US) by 490,000 shares to 3.1 million shares, with a market capitalization of about US$232.4 million; increased its holdings of Seagate Technology (STX.US) by 71,300 shares to 122,000 shares, with a market value of about US$117.7 million. STMicroelectronics's sales increased 26% in the second quarter, and management expects further acceleration in AI data centers and low-Earth orbit projects.

Meanwhile, Duquesne reduced Arm Holdings (ARM.US) positions by more than 70%.

Other major position adjustments

In addition to semiconductors, Duquesne is also investing in the broader field of AI infrastructure. In the second quarter, the agency purchased more than 4 million shares of Bitdeer Technologies (BTDR.US) and established 754,800 Riot Platforms (RIOT.US) shares.

In terms of aviation stocks, Duquesne created 603,000 new Delta Air Lines (DAL.US) shares and increased United Airlines (UAL.US) holdings to 794,795 shares, almost tripling. In terms of media stocks, the agency created a new Fox (FOXA.US, FOXA.US) position, including about 2.2 million Class A shares, with a market capitalization of about 115 million US dollars. Overall, Fox holds about 2.8 million shares.

There is also significant action in the health care sector. Duquesne increased its holdings of Insmed (INSM.US) shares by 270,600 to 1.42 million shares, with a market capitalization of about US$151.9 million. At the same time, it also built new bullish options covering approximately 1.35 million shares, with a market value of about US$143.9 million. Natera (NTRA.US) increased its position by 122,700 shares to 3.19 million shares, with a market capitalization of about US$864.9 million at the end of the quarter, one of the key positions in the portfolio.

Additionally, Duquesne cleared Cloudflare (NET.US) and MercadoLibre (MELI.US) in the second quarter, and reduced Alcoa (AA.US) positions by more than 70%.

Duquesne has also rekindled interest in the Chinese tech industry, opening Baidu (BIDU.US) ADR positions in the second quarter and buying 88,000 copies, accounting for 0.2% of its investment portfolio. According to Baidu's 2026 Q1 earnings report released in May this year, AI accounts for more than half of revenue for the first time and has become the core driving force for its growth. The company will announce its 2026 Q2 earnings report this Tuesday.