, billionaire Stanely Druckenmiller — the founder of the Duquesne Family Office hedge fund — revealed that his firm had cut its investment in the AI chipmaker Nvidia earlier this year.
"I didn’t even know how to spell it, I bought it," Druckenmiller said. "Then a month later, ChatGPT happened. Even an old guy like me could figure out okay, what that meant, so I increased the position substantially."that the Duquesne Family Office had spent a combined $430 million on Nvidia and Microsoft in its big AI bet — but by November, the firm had already
"We did cut that and a lot of other positions in late March," Druckenmiller said. "We’ve had a hell of a run. A lot of what we recognized has become recognized by the marketplace now."Overall, the billionaire investor said that he simply needed a "break" from AI as it started to look a bit "overhyped" — even while saying that he remains "bullish" on the industry and that it might be "underhyped" in the long-term.
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Source: CNBC - 🏆 12. / 72 Read more »
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