Billionaire investor Stanley Druckenmiller admits he has made more than a few mistakes in his career. Selling his Nvidia (NVDA) shares earlier this year was one of them.
In an interview with Bloomberg TV Wednesday, Druckenmiller said he sold all of his Nvidia holdings when the stock was priced somewhere between $800 and $950.
“It was a big mistake,” Druckenmiller, chief executive of Duquesne Family Office, said.
Nvidia carried out a 10-for-1 stock split in June, when its shares were near a then-record of $1,200 apiece. Shares of the Santa Clara, California-based company were up 3% in pre-market trading as of Thursday morning, set to open at $139.82 each.
Despite some volatility, Nvidia’s stock is up more than 180% so far this year — and is on track to reach another record high this week. The chip giant now has a market capitalization of $3.33 trillion, the second-largest in the world behind Apple (AAPL).
While the investor had hoped to hold onto his shares of the chipmaker “for years,” Druckenmiller thought the valuation was rich after the stock tripled in a year.
“I think Nvidia is a wonderful company and were the price to come down we’d get involved again,” Druckenmiller said. “But right now, I’m licking my wounds from a bad sale there.”
Druckenmiller said that despite the pullback from Nvidia, he remains optimistic about artificial intelligence. He said his investment firm is eyeing other ways to keep his foot in the door in the booming sector.
The investor has a net worth of $9.98 billion, according to Bloomberg’s Billionaire Index.
While Nvidia isn’t set to report its latest quarterly earnings until late November, Taiwain Semiconductor Manufacturing Company’s (TSM) (TSMC) strong results Thursday have helped fuel confidence that the AI boom could extend into next year and beyond.
Earlier this month, Nvidia chief executive Jensen Huang said demand for its highly-anticipated Blackwell chip is “insane.”
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