Famed hedge fund supervisor and Duquesne Household Workplace founder Stanley Druckenmiller admits he isn’t Berkshire Hathaway’s Oracle of Omaha Warren Buffett.
The billionaire investor, who hasn’t misplaced in a single quarter all through his 30-year profession, mentioned he made a “big mistake” promoting Nvidia too early after initially considering he was going to carry it for years. Druckenmiller spoke this week to Bloomberg’s Sonali Basak.
“I’ve made so many mistakes in my investment career; one of them was I sold all my Nvidia probably somewhere between $800 and $950. I think it’s somewhere around $1300 [per share] on that stock now,” mentioned Druckenmiller on Wednesday.
Nvidia’s inventory is buying and selling at about $139.59 right this moment, after present process a 10-for-1 inventory cut up efficient in June 2024 that made it extra accessible to a broader vary of traders, notably these with smaller accounts. Duquesne constructed a powerful stake within the AI darling with a market on the most-coveted graphics processing items. In 2022 Duquesne owned about $400 million in Nvidia inventory, making it the workplace’s prime holding. He started shaving it off in 2023. By August 2024, Druckenmiller had totally exited his place in Nvidia’s inventory.
“I own none today, “Druckenmiller confirmed to Bloomberg. “It was a big mistake.”
He initially anticipated to carry the inventory for years, however then the worth tripled in a yr and he thought the valuation was “rich.” Nvidia’s inventory then skyrocketed in 2024, pushed by hovering demand for its AI chips. Billionaire Oracle cofounder and chief expertise officer Larry Ellison lately admitted that he handled Nvidia CEO Jensen Huang to dinner at Nobu, together with Elon Musk, to beg Huang to provide them extra GPUs.
“I would describe the dinner as Oracle—me and Elon begging Jensen for GPUs,” Ellison recalled. “Please take our money. Please take our money. By the way, I got dinner. No, no, take more of it. We need you to take more of our money please.”
Druckenmiller mentioned he nonetheless has designs on AI, and it’s by no means say by no means on shopping for Nvidia sooner or later.
“Were the price to come down, we’d get involved again,” added Druckenmiller. “But right now, I’m licking my wounds from a bad sale there.”
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