Billionaire investor Stanley Druckenmiller sharply reduced exposure to major technology and consumer internet names during the first quarter as Duquesne Family Office repositioned toward commodities, Latin America and healthcare.

Amazon And Alphabet Stakes Cut

The firm cut its direct position in Amazon.com, Inc. (AMZN) by roughly 94% while completely exiting Alphabet Inc. (GOOGL) and Alphabet Inc. (GOOG), according to its latest 13F filing.

Duquesne also sold out of positions in DocuSign, Inc. (DOCU), Delta Air Lines, Inc. (DAL), DoorDash, Inc. (DASH) and Goldman Sachs Group, Inc. (GS).

The moves come as many hedge funds continue debating whether AI-driven mega-cap technology stocks still have room to run after massive gains over the past two years.

Argentina And Commodity Trades Grow

While trimming big tech exposure, Druckenmiller aggressively expanded several macro-oriented positions.

The hedge fund boosted its stake in YPF Sociedad Anonima (YPF) by 433% and initiated a new position in the Global X MSCI Argentina ETF (ARGT).

Duquesne also maintained sizable exposure to Brazil through the iShares MSCI Brazil ETF (EWZ) while increasing positions tied to industrial and commodity demand, including Alcoa Corp (AA), Cleveland-Cliffs (CLF) and Southern Copper Corp (SCCO).

The filing additionally showed a fresh stake in the iShares GSCI Commodity (GSG), reinforcing the broader commodity theme across the portfolio.

Broadcom, Intel And Biotech Names Added

Druckenmiller did not completely abandon technology.

The filing revealed new semiconductor positions in Broadcom Inc. (AVGO), Intel Corp (INTC), STMicroelectronics N.V. (STM), Micron Technology, Inc. (MU) and Arm Holdings plc (ARM).

But unlike many hedge funds heavily concentrated in AI hyperscalers, Duquesne's chip exposure appeared more diversified across infrastructure, memory and industrial semiconductor demand.

The filing also showed expanded healthcare and biotech bets, including new positions in Caris Life Sciences, Inc. (CAI) and Revolution Medicines, Inc. (RVMD), alongside a more than 500% increase in ADMA Biologics Inc (ADMA).

Overall, Druckenmiller's latest filing suggested one of Wall Street's most famous macro investors may be looking far beyond the AI trade for the market's next big opportunity.