Stanley Druckenmiller, you may know, ran Duquesne Capital with a sort of unnerving consistency. Thirty percent annual returns, no down years. I, on the other hand, once bought a bulk order of artisanal dog biscuits because they were on sale, only to discover my dog preferred the cardboard box they came in. The contrast is… striking. He manages billions; I’m perpetually surprised by overdraft fees.
Apparently, Druckenmiller, now handling his own money through Duquesne Family Office, did some shifting in the fourth quarter. Sold off Meta, bought Amazon. Amazon, the company that somehow manages to deliver me things I ordered three weeks ago, as if by magic. Or, more accurately, by a fleet of overworked drivers and an algorithm that’s probably judging my life choices. It’s up 210,000% since its IPO, which feels… excessive. Like a child who’s been given too much sugar.
Of course, the quarter ended 45 days ago, which in internet years is roughly equivalent to the Jurassic period. Everything changes. My mood changes. The price of oat milk changes. So, before anyone starts copying Druckenmiller’s moves, a little reevaluation is in order. It’s like deciding whether to wear a sweater based on a weather report from last month.
Meta: The One That Knows Too Much
Meta owns Facebook, Instagram, WhatsApp. They know what I had for breakfast, what my cousin thinks about politics, and the precise moment I started questioning all my life choices. It’s a little unsettling. They use this information to show me targeted ads, which mostly consist of things I already bought, or things I’m actively trying to avoid. It’s like a digital stalker, but one who sends coupons.
They’re pouring money into AI, naturally. Machine learning models to recommend content, tools for advertisers, custom chips. It all sounds very impressive, and also vaguely dystopian. They’re essentially building a digital brain, and I’m starting to suspect it’s going to judge my online shopping habits. Revenue was up 24% in the fourth quarter, which is good, but net income only increased 11%. All that AI spending is expensive, apparently. It’s like trying to build a better birdhouse out of solid gold.
Bill Ackman, another financial type I read about while waiting for my coffee to brew, thinks concerns about Meta’s AI spending are overblown. He envisions smart glasses that combine with “superintelligence.” I envision myself tripping over the coffee table while wearing them. They dominate the smart glasses market, which, let’s be honest, is a pretty low bar. Still, the potential is there, I guess. Wall Street expects earnings to increase 19% annually. The valuation of 27 times earnings seems reasonable, assuming the digital brain doesn’t decide I’m not worthy of its recommendations.
Amazon: The Everything Store, Still
Amazon. They sell everything. Literally. I once ordered a replacement cap for a kitchen faucet at 3 a.m. while suffering from insomnia. It arrived the next day. It’s terrifying and convenient. They dominate e-commerce, retail advertising, and cloud computing. It’s like a digital octopus with a Prime membership.
Like Meta, they’re investing heavily in AI. Optimizing demand forecasting, improving inventory placement, increasing robot efficiency, streamlining last-mile delivery. They’re essentially automating everything, which means my neighbor’s son might soon be out of a job delivering packages. It’s progress, I suppose, but it feels… unsettling.
They’re developing custom AI chips, developer tools, AI agents. It all sounds very complicated. AWS sales accelerated in the fourth quarter, driven by triple-digit growth in custom chips. Operating margin increased 1.5 percentage points. It’s good news, I guess, but I still can’t figure out how they get things to me so quickly. The stock is down 12% since the earnings announcement, because they plan to spend $200 billion on capital expenditures in 2026. That’s a lot of boxes.
Wall Street expects earnings to increase 17% annually, and the valuation of 29 times earnings seems attractive. I think Druckenmiller made the right call buying Amazon shares. It’s a solid company. I, on the other hand, am going to go back to wondering why my dog prefers cardboard to gourmet biscuits.
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2026-02-19 12:12