Hedge fund manager Stanley Druckenmiller bets big on chip stocks

Finance


Stanley Druckenmiller made big bets on semiconductor stocks during the first quarter, according to a regulatory filing released Tuesday.

Duquesne Capital initiated positions in Intel, Micron Technology and Qualcomm. The fund bought 2.46 million shares of Intel, 2.19 million shares of Micron and 411,000 of Qualcomm. In total, Duquesne invested $273.8 million in those stocks, according to the filing.

Shares of Micron rose 0.6 percent after the bell, while Qualcomm and Intel were little changed.

Micron surged 26.8 percent in the first quarter, while Intel jumped nearly 13 percent in that period. Qualcomm shares, however, dropped 13.5 percent in the first quarter.

Druckenmiller’s fund exited positions in Wells Fargo, Cabot Oil and Gas and PayPal, the 13F filing showed.



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