The 13fs quarterly forms offer investors a way to follow the activity of purchase and sale of the main silver managers of Wall Street.
The two main actions of artificial intelligence (AI) by Wall Street – Nvidia and Palantir – were given by the Billionaire chief of the Duquesne family office.
The first quarter of Duquesne 13F decisively shows that Stanley Druckenmiller has found a new favorite AI stock.
You may not make it, but one of the most important versions of Wall Street in the quarter occurred less than a week ago.
No later than 45 calendar days of the end of a quarter, institutional investors which manage at least $ 100 million are required to deposit Form 13F With the Securities and Exchange Commission. A 13F offers investors an overview of the hood to which the main managers of Wall Street bought and sold in the last quarter. May 15 was the 13F classification deadline for the negotiation activity of the first quarter.
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While Warren Buffett tends to be the most followed asset managerHe is far from the only billionaire investor to have delivered disproportionate yields. For example, investors tend to also keep an eye on the billionaire Stanley Druckenmiller, which manages more than $ 3 billion in assets at the Duquesne family office.
Although Druckenmiller’s investment strategy often involves long and short positions in various asset classes, it is its approach to invest in the revolution of artificial intelligence (IA) which raises the eyebrows.
In less than two years, Druckenmiller supervised the provision of the two most popular AI actions of Wall Street and has chosen to charge its fund in another industry giant.
While dozens of companies have benefited from the evolution of AI, there are not two actions of artificial intelligence the face of the movement that the graphic processing unit (GPU) Nvidia(Nasdaq: NVDA) and data exploration specialist PALANTOUT Technologies(Nasdaq: PLTr). Since the beginning of 2023, NVIDIA and Palantir’s shares have increased 827% and 1,920% respectively.
The appeal of Nvidia was its almost monopoly share of the GPUs currently deployed in the data centers accelerated by the AI. The hopper of the company (H100) and the new generation Blackwell chips offer a clear calculation advantage compared to the rivals. In turn, this led to a higher pricing power for Nvidia.
Meanwhile, Gotham and Foundry platforms shone the Gotham and Foundry Logical-A-Service Palantir Ai platforms. In particular, its Gotham platform focused on the government has won many multi-year contracts with the American government and its immediate allies. Gotham helped Palantir maintain a 25% sales growth rate and pushed the company to recurring profitability.
Despite all this, the billionaire Stanley Druckenmiller offered goodbye to the two actions. Accounting on the part of NVIDIA 10 for 1 for 1 for 1 in June 2024, the Duquesne family office poured on 9,500,750 NVIDIA shares between June 30, 2023 and June 30, 2024. As for Palant, the Druckenmiller fund lost 769,965 shares from March 31 to March 31, 2025.
Although it is quite possible, these sales represent nothing more than just achievement, there are other factors that can be at work.
Regarding NVIDIA, there is the very tangible concern for an increase in competition. More specifically, many of NVIDIA’s largest customers by net sales develop an A-GPU and solutions to be used in their data centers. Although this material developed internally is unlikely to correspond to the calculation potential of Nvidia’s Hopper or Blackwell, it will be particularly cheaper and more easily available. The drop in the gross margin of Nvidia provides evidence that its higher price power has started to decline.
There is also the risk that AI bubble is formed and bursts. Each Big-Big technology dating from more than three decades has undergone a bubble at an early stage. With more than 90% of its tax revenues in the fourth quarter from its data center segment, the NVIDIA action would be in great difficulty if the AI bubble bursts.
Thanks to the contracts of the multi -year government of Palantir and his model focused on the subscription with Foundry, he would not suffer the same fate as Nvidia. Nevertheless, a bad feeling during a bubble would weigh on Palantant because of his disproportionate evaluation bonus.
On a train base-12 months, Palantant commands a price / sales ratio (p / s) of 103! Previous companies that have been at the forefront of revolutionary innovations over the past three decades have generally exceeded P/ S ratios from 30 to 40 before falling. No Megacap company has never been able to maintain this excessive evaluation bonus over an prolonged period, and it is unlikely that Palantant is the exception to history.
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But while Stanley Druckenmiller sent Nvidia and Palantant Technologies to the Cup block, he built his participation in another key reader of AI: a global poles manufacturing company Manufacture of Taiwan semiconductors(NYSE: TSM)which is also known as “TSMC”.
During the March quarter, Druckenmiller bought 491,265 Taiwan Semi shares, which increased the participation of its 457% fund from the end of December and raised this giant of the flea office of the Duquesne family office at the ninth office by market value.
The manufacture of Taiwan semiconductors plays an essential role in the production of chips deployed in data centers accelerated by AI. It is currently in the process of quickly expanding its capacity of Puce-sur-lefer-Subbstrat (COWOS) of 35,000 monthly units in 2024 to 135,000 units expected in 2026. COWOS is a technology necessary for the packaging of large bandwidth memory required for high transfer rates observed in AI-ACCELED data centers.
For the moment, a good part of this request for IA chips comes from Nvidia. However, TSMC can benefit whatever the company that needs its services. Advanced micro-apparents And Broadcom Also rampouch their chip production and rely on TSMC to do so.
What could allow TSMC to escape the weight of a potential bubble AI event is that it manages much more than AI chips. The chips and components that Taiwan semi produced are in smartphones, wireless devices connected to the Internet and new generation vehicles, in addition to data centers. For example, TSMC is the main manufacturer of processors Apple Uses in your iPhone. This diversity of operation does not bind TSMC only to the AI revolution.
On the other hand, the prices remain something of a gray area for the Taiwan semiconductor. Despite President Trump on break from the higher “reciprocal prices” for 90 days on April 9, it is not yet clear if TSMC will escape the long -term rates, and what it could mean for his operational margin. Although TSMC has a whole new manufacturing installation in Arizona, most of its high comparison tokens are always made in Taiwan.
In addition, it is just to wonder if Taiwan semi is fully evaluated. Although its pricing ratio / in the long term of 18 seems perfectly reasonable, its actions are assessed at more than 10 times the 12 -month follow -up sales, which represents around 16% of its average Multiple P / S in the past five years.
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Sean Williams Has no position in the actions mentioned. The Motley Fool has positions and recommends advanced micro-apparently, apple, nvidia, palanting and the manufacture of Taiwan semiconductors. The Motley Fool recommends Broadcom. The Word’s madman has a Disclosure policy.
