Key Takeaways
- • Duquesne Family Office, Stanley Druckenmiller's firm, fully exited Intel (411,400 shares) and Micron Technology (23,400 shares) in Q2 2026, according to its 13F filing.
- • The family office opened a 4.07 million share position in Bitdeer Technologies and added 754,800 shares of Riot Platforms, 314,150 shares of Hut 8, and 87,100 shares of IREN.
- • Duquesne re-established a 336,300 share Alphabet position after exiting it in Q1, and added AMD (72,900 shares) and Lam Research.
- • Portfolio AUM rose to roughly $5.21B across 95 holdings, with the top ten positions representing 45.83% of the total.
- • The rotation implies a preference for the energy-intensive compute layer supporting both AI workloads and Bitcoin mining, a thesis tied to miners pivoting capacity toward AI data center services.
Summary
Stanley Druckenmiller's Duquesne Family Office made a marked portfolio shift in the second quarter of 2026, exiting legacy semiconductor holdings and building positions in Bitcoin mining equities and AI-adjacent infrastructure, according to its Q2 2026 13F filing. The office fully liquidated its stakes in Intel (411,400 shares) and Micron Technology (23,400 shares). Some publisher coverage also reports a full exit from Broadcom, though the primary filing summary focuses on Intel and Micron.
The most significant new addition was a 4.07 million share position in Bitdeer Technologies. Duquesne also acquired 754,800 shares of Riot Platforms, 314,150 shares of Hut 8, and 87,100 shares of IREN. Bitdeer, Hut 8, and IREN have all publicly moved to position themselves as hybrid compute providers offering data center capacity for AI workloads alongside their mining operations.
The filing also showed a re-established 336,300 share position in Alphabet after a complete Q1 exit, along with new stakes in AMD (72,900 shares) and Lam Research. AMD has been steadily gaining data center GPU market share, while Lam Research supplies equipment used in advanced chip fabrication. Druckenmiller has historically described AI as a transformative technology, so the sale of Intel and Micron alongside purchases of miners suggests a view that the energy-intensive compute layer offers more attractive risk-reward.
Total assets under management rose to roughly $5.21B across 95 holdings, with the top ten positions accounting for 45.83% of the portfolio. The choice of mining equities over a spot Bitcoin ETF suggests Duquesne sees operational upside in the miners themselves rather than simple commodity exposure, consistent with a dual-use thesis in which miners redirect excess capacity to AI compute.
The most significant new addition was a 4.07 million share position in Bitdeer Technologies. Duquesne also acquired 754,800 shares of Riot Platforms, 314,150 shares of Hut 8, and 87,100 shares of IREN. Bitdeer, Hut 8, and IREN have all publicly moved to position themselves as hybrid compute providers offering data center capacity for AI workloads alongside their mining operations.
The filing also showed a re-established 336,300 share position in Alphabet after a complete Q1 exit, along with new stakes in AMD (72,900 shares) and Lam Research. AMD has been steadily gaining data center GPU market share, while Lam Research supplies equipment used in advanced chip fabrication. Druckenmiller has historically described AI as a transformative technology, so the sale of Intel and Micron alongside purchases of miners suggests a view that the energy-intensive compute layer offers more attractive risk-reward.
Total assets under management rose to roughly $5.21B across 95 holdings, with the top ten positions accounting for 45.83% of the portfolio. The choice of mining equities over a spot Bitcoin ETF suggests Duquesne sees operational upside in the miners themselves rather than simple commodity exposure, consistent with a dual-use thesis in which miners redirect excess capacity to AI compute.
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