Stanley Druckenmiller laments Nvidia sale as stock triples in 2023 | Wilnesh News

Billionaire investor Stanley Druckenmiller said Wednesday he decided to sell shares NVIDIA This year was a “big mistake.”

“I’ve made a lot of mistakes in my investing career, and one of them was I sold all my Nvidias for probably $800 to $950,” Druckenmiller told Bloomberg. “I didn’t own anything. No points, I don’t have any points for the last 400 points.”

Druckenmiller’s comments did not reflect Nvidia’s 10-for-1 stock split that took effect in June. The stock closed at $135.72 on Wednesday. After split adjustments, his sales will be between $80 and $95.

Nvidia has been a major beneficiary of the artificial intelligence boom, selling its graphics processing units (GPUs) to top cloud companies and the largest developers of large language models. The stock soared 239% last year and is set to rise another 174% in 2024, closing at a new record on Monday.

Earlier this year, Druckenmiller revealed on CNBC’s “Squawk Box” that he cut the Duquesne family office’s position at Nvidia in late March, saying “we’ve been through a tough time.”

Taking into account the spinoff, Duquesne started the year with about 6.18 million shares, ended the first quarter with 1.76 million shares, and ended the second quarter with 214,000 shares. exist third quarter last yearNvidia is his largest holding. At the time, he owned 8.75 million shares worth about $400 million.

If he held all the shares, it would currently be worth about $1.19 billion. Duquesne has not yet announced its third-quarter holdings.

“It’s tripled in a year, and I think the valuation is great,” Druckenmiller told Bloomberg. “Nvidia is a great company and if the price comes down, we’ll be in it again. But right now, I’m Licking the wounds of bad sales.”

Nvidia is expected to release quarterly results in November, but most of its top customers, including Yuan, Microsoft, Amazon and letterwill report financials later this month.

Druckenmiller told CNBC in May that Nvidia is “a little overhyped right now, but over the long term it’s undervalued.” He added that he was introduced to Nvidia in 2022 and “I didn’t even know how to spell it” at the time.