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Druckenmiller has just filed his Q1 13F report.
Optimistic about the semiconductor and photonics sectors. Pessimistic about major technology platforms and finance.
New purchases: $AVGO. $ARM. $MU. $INTC. $COHR. $LITE. $JBL. $SNDK.
Additional increase: $STM +238%.
What he sold off: $XLF $301M. $GOOGL $121M. $ENTG $71M. DocuSign $70M. Goldman $24M. All fully withdrawn.
$AMZN cut 94%. $MELI cut 94%. $LSCC cut 65%. $ON halved.
Major technology platforms. Finance. Consumer. Cleared out completely.
Silicon and light receive capital flows.
$AVGO and $ARM are the compute and architecture layers. $MU is memory. $COHR and $LITE sit right next to them in his new purchase list, reinforcing photonics as a new member in the AI infrastructure stack.
Copper cannot move data fast enough between GPU clusters at the distances required by AI data centers. Light can. Coherent and Lumentum produce photon-based replacement components at speeds of 800G and 1.6T. $STM adds GaN and SiC to power the entire stack.
So you have: Compute silicon -> Light connectivity -> Power supply.
Positive bets on the AI build-out.
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{alpha}(560xa528caaa2f96090e379d43f90834c75df54d6e74)
{alpha}(560x8b6acf6041a81567f012ff6a4c6d96d5818d74bf)