Billionaire investor is licking his wounds after selling Nvidia
Famous hedge fund manager and Duquesne Family Office founder Stanley Druckenmiller admits he’s not a Berkshire Hathaway person Prophecy by Omaha Warren Buffett.
The billionaire investor, who hasn’t lost a single quarter in his 30-year career, said he made a “huge mistake” selling the stock. Nvidia too soon after initially thinking he would keep it for many years. Druckenmiller talk coming this week Bloombergby Sonali Basak.
“I have made a lot of mistakes in my investing career; one of which is that I sold all my Nvidia, probably between $800 and $950. I think it was somewhere around $1300 [per share] Druckenmiller said Wednesday.
Nvidia shares are currently trading at around $139.59, after undergoing a 10:1 stock split effective in June 2024, making it more accessible to many investors, especially those investors with smaller accounts. Duquesne has built an impressive stake in the AI darling with the market’s most coveted graphics processing units. IN 2022 Duquesne owns about $400 million in Nvidia stock, making it the office’s largest holding. He began phasing it out in 2023. By August 2024, Druckenmiller had completely exited his position in Nvidia stock.
“Today I own nothing,” Druckenmiller confirmed Bloomberg. “That was a big mistake.”
He initially expected to hold the stock for many years, but then the value tripled in a year and he said the valuation was “very rich.” Nvidia shares then skyrocketed in 2024, as demand for its AI chips skyrockets. Billionaire Oracle co-founder and chief technology officer Larry Ellison recently admitted that he treated Nvidia CEO Jensen Huang to dinner at Nobu, along with Elon Musk, to beg Huang to provide them with more GPUs.
“I would describe the dinner as prophetic — Elon and I begged Jensen for GPUs,” Ellison has been withdrawn. “Please take our money. Take our money. By the way, I’ve already had dinner. No, no, take more. We need you to take more of our money.”
Druckenmiller said he still has AI designs and never said he would never buy Nvidia in the future.
“If prices come down, we will get back in,” Druckenmiller added. “But right now, I’m suffering from my injuries from a bad deal there.”
Data sheet: Stay at the forefront of the business of technology with insightful analysis of the biggest names in the industry.
Register here.
