Billionaire investor Stanley Druckenmiller revealed in an interview with CNBC on Tuesday that he cut his NVIDIA (NVDA) position in late March after the stock's significant run higher.
Druckenmiller explained that he reduced the position after "the stock went from $150 to $900."
"I'm not Warren Buffett; I don't own things for 10 or 20 years. I wish I was Warren Buffett," he stated.
"We did cut that position and a lot of other positions in late March," he added. "I just need a break. We've had a hell of a run. A lot of what we recognized has become recognized by the marketplace now."
Nevertheless, over the long term, Druckenmiller said, "We're as bullish on AI as we've ever been," although he states it could be "a little overhyped now, but underhyped long term."
"The big payoff might be four to five years from now," said the investor, who now runs Duquesne Family Office. Druckenmiller went on to state that he will be surprised if he doesn't own Nvidia (NASDAQ:NVDA) on and off over the next ten years.