Stanley Druckenmiller's Duquesne Exits Micron, Intel, and Broadcom to Shift Into AI Infrastructure

Stanley Druckenmiller's Duquesne Family Office completely liquidated its equity stakes in semiconductor makers Micron Technology, Intel, and Broadcom during the second quarter of 2026, while opening new positions in data center real estate provider Equinix and chip equipment maker Lam Research, according to regulatory filings first reported by Yahoo Finance.

According to Duquesne's Form 13F filed on August 14, 2026, representing holdings as of June 30, 2026, the fund divested 23,400 shares of Micron, 411,400 shares of Intel, and 195,955 shares of Broadcom. The sales followed significant multi-month runs across the semiconductor sector. Micron shares trade near $955.72 and have surged 669.05% over the past 12 months, while Intel shares advanced 266.65% over the same period despite GAAP accounting complexities linked to CHIPS Act escrow structures. Broadcom, which carries a trailing price-to-earnings ratio of 60, has been projecting substantial sales growth tied to custom artificial intelligence processors.

Rather than signaling a wholesale retreat from technology hardware, Duquesne's quarterly portfolio adjustments reflected a rotation into physical infrastructure and semiconductor manufacturing tools. During the same period, the family office added to its existing positions in Taiwan Semiconductor Manufacturing Co. and Seagate Technology, while initiating new holdings in Advanced Micro Devices, Entegris, and Rambus.

Duquesne established an 18,450-share position in Equinix valued at $19.2 million as of June 30. Equinix operates more than 270 data centers across 70 metropolitan markets and currently maintains 52 facility expansion projects spanning 33 regional markets. For its second quarter, the real estate investment trust reported a 16% year-over-year revenue increase alongside a record quarterly addition of 9,700 net interconnections.

Commenting on the quarterly performance, Equinix Chief Executive Officer Adaire Fox-Martin noted that the acceleration of the AI infrastructure cycle plays directly to the company's core operating model. Following the strong results, Equinix updated its long-term financial guidance, projecting annual top-line revenue growth of 10% to 13% through 2029. The facility provider also increased its quarterly cash payout to $5.16 per share, up from $4.69 throughout 2025, bringing its forward annualized dividend to $20.64.

In tandem with its data center real estate bet, Duquesne purchased 43,600 shares of Lam Research worth $18.9 million at quarter end. Lam Research manufactures chemical vapor deposition and plasma etching tools used across advanced silicon foundries. Chief Executive Officer Tim Archer highlighted in recent commentary that AI deployments are driving unprecedented tool demand, demanding complex technical specifications and accelerating architectural scaling at both the silicon device and advanced packaging layers.

Lam Research shares have appreciated 207.85% over the past year. For the September quarter, the company issued revenue guidance of $8.1 billion, plus or minus $400 million, and stated it expects 2026 to mark its third consecutive year outperforming the overall wafer fabrication equipment market. The equipment manufacturer also raised its quarterly dividend from $0.23 to $0.26 per share, representing an annualized distribution of $1.04.