Stanley Druckenmiller’s $4.5B Duquesne Family Office Doubles Amazon and Pivots Into AI Power

Duquesne Family Office, the personal investment firm of veteran macro investor Stanley Druckenmiller, runs a $4.49 billion equity portfolio per its February 13F filing, newly spread across healthcare, broad-market ETFs, and a fresh AI-power tilt.

On February 17, 2026, Duquesne Family Office filed its quarterly 13F-HR. The 13F-HR is the SEC form institutional managers use to disclose stock holdings 45 days after each quarter end. The filing covers $4.49 billion in equity holdings across 62 issuers as of December 31, 2025. The fund is run by Stanley Druckenmiller. He managed George Soros’s Quantum Fund through the 1992 sterling-crisis trade. He ran Duquesne Capital from 1981 to 2010. Roughly half the portfolio rotated in three months.

That kind of rotation from a macro investor is itself the signal. Druckenmiller spoke publicly in 2025 about overconcentration in AI mega-caps. He pointed to the gap between AI capex and AI revenue. This 13F is the receipt for what he did about it. He shrank single-name AI bets. He leaned into broad-market and emerging-market ETFs. He started small new stakes in the picks-and-shovels of AI power.

From $4.06B to $4.49B in Three Months

Duquesne’s equity portfolio grew about 11 percent in dollars between filings. The September 30 value was $4.06 billion. The year-end value was $4.49 billion. The growth is not a story of one or two stakes ripping. It is the net of heavy rotation. Roughly 30 holdings exited and roughly 30 new ones opened inside a single quarter. The fund sits well below Coatue’s $40 billion or Tiger Global’s $30 billion equity filings. The family-office structure means the capital is mostly Druckenmiller’s own. That makes the Q4 rotation harder to dismiss as fund-flow noise. The buyer and seller is the same person. The trade is what he did with his money.

The Top Positions and How They Changed

The top 5 stakes hold about 36 percent of the portfolio. The top 11 hold about 58 percent. The table below shows each stake’s value at September 30, 2025. It also shows the December 31, 2025 value and the percent change.

Why This 13F Matters Right Now

Druckenmiller managed George Soros’s Quantum Fund through the 1992 Black Wednesday sterling trade. He ran Duquesne Capital from 1981 to 2010 before converting it to a family office. That career arc is why his 13Fs are read line by line. The Q4 2025 filing is the receipt for a heavy mid-quarter rotation. Thirty stakes opened. Thirty closed. The top five tilted away from single-name semiconductors toward broad-market ETFs and Brazil exposure. Three small new AI-power adds appeared. The names are Bloom Energy, Entegris, and Lattice Semiconductor. The next 13F covers Q1 2026. It will be the first to show whether the Alphabet build and the Amazon double were tactical or directional.

What to Watch

The May 15 deadline: The next 13F covers Q1 2026 with a period ending March 31, 2026. It is due by Friday, May 15, 2026. The filing will show whether Druckenmiller pressed further into Bloom Energy and Lattice Semiconductor. It will also show whether he expanded the leveraged Brazil ETF trade. A third question is whether he rebuilt the Taiwan Semiconductor share count he just cut by 29 percent.

Options stacking: The Q4 13F shows call-option overlays on Amazon, the iShares Brazil ETF, the iShares Russell 2000 ETF, and the SPDR S&P 500 ETF. Call options give the right to buy shares at a set price. Stacking them across a benchmark ETF and a single mega-cap leaves Duquesne leveraged to both broad-market and Amazon-specific upside. Whether those calls remain in the Q1 filing is the cleanest single test of the rotation.

Single-name versus basket AI: Druckenmiller cut Taiwan Semiconductor by 29 percent. He exited Arm Holdings, Vistra, and GE Vernova in Q4. He added small new stakes in Bloom Energy, Lattice Semiconductor, Entegris, On Semiconductor, and STMicroelectronics. The single-name AI bets are now smaller in dollar size than the ETF overlays. If the Q1 13F extends that pattern, Duquesne owns AI infrastructure through baskets and options rather than through concentrated single-name bets.