Stanley Druckenmiller’s Duquesne Family Office exited Micron, Intel, and Broadcom in the second quarter, according to the fund’s Form 13F as of June 30, 2026, filed August 14, 2026. The sales closed out 23,400 shares of Micron, 411,400 shares of Intel, and 195,955 shares of Broadcom. In the same filing, Duquesne opened new stakes in Equinix (NASDAQ:EQIX | EQIX Price Prediction) and Lam Research (NASDAQ:LRCX). A 13F is a point-in-time snapshot of U.S.-listed long equity holdings disclosed roughly 45 days after quarter end, so it says nothing about what Druckenmiller owns today.
Three Exits, One Common Thread
The Micron (NASDAQ:MU) exit came after a fierce run. Micron trades near $955.72 and is up 669.05% over one year. Intel (NASDAQ:INTC) is up 266.65% over one year despite carrying a GAAP loss-adjacent profile complicated by the CHIPS Act escrow. Broadcom (NASDAQ:AVGO) is the surprise: management is targeting large AI-driven sales growth, and the stock trades at a trailing P/E of 60.
Institutions trim positions for sizing, risk, and mandate reasons that have little to do with a bearish call. In the same quarter, Duquesne added to Taiwan Semiconductor and Seagate and opened new positions in AMD, Entegris, and Rambus. The accurate read is a reshuffle within semis, plus a lean toward data center real estate and equipment.
Equinix: The Physical Layer of AI
Duquesne’s new Equinix position was 18,450 shares valued at $19.2M as of June 30, 2026. Equinix operates 270+ data centers across 70+ metro areas, with 52 expansion projects across 33 markets. CEO Adaire Fox-Martin told investors, “The AI-driven infrastructure cycle continues to accelerate and it’s playing directly to our strengths.” Q2 revenue rose 16% year over year, with a record 9,700 net interconnections added. The company raised its long-term outlook to 10% to 13% annual revenue growth through 2029.
The income angle is durability, not yield. Equinix pays a current quarterly dividend of $5.16, up from $4.69 throughout 2025, with forward annualized payments of $20.64. The quarterly rate has stepped up every year on record, moving through $1.69, $1.75, $2.00, $2.28, $2.46, $2.66, $2.87, $3.10, $3.41, $4.26 and $4.69.
Lam Research: Toolmaker Behind Every Advanced Chip
Duquesne’s Lam stake was 43,600 shares valued at $18.9M as of June 30, 2026. Lam sells deposition and etch equipment used in every leading-edge fab. CEO Tim Archer said “AI is driving unprecedented demand, greater technical requirements, and accelerated architectural scaling at both the device and packaging level.” Lam guided September-quarter revenue to $8.1 billion, plus or minus $400 million, and expects 2026 to be its third consecutive year of outperforming WFE growth. Shares are up 207.85% over one year.
The quarterly dividend rose from $0.23 to $0.26, with a forward annualized $1.04. The earlier drop from $2.30 to $0.23 in the raw dividend series reflects a stock split, not a cut.
What Growth-And-Income Investors Should Take Away
A macro trader who has ridden the AI trade in direct chip names is now allocating fresh capital to the physical layer that hosts AI workloads and the equipment that builds the chips. Both new positions carry lower dividend yields than income screeners flag, but both raise the payout on a consistent cadence and generate cash from a broader base of AI capex than any single memory maker, foundry, or custom-ASIC customer. It is the same logic behind the suppliers, from power and cooling to networking, we profiled in a free report on seven AI infrastructure stocks that aren’t chipmakers. For retirement-focused investors, that is the argument worth studying: exposure to AI capex through recurring revenue and equipment cycles, not one product line and one pricing cycle.
Contact [email protected] for any questions or corrections.
Top Gaining Stocks
Top Losing Stocks