(Bloomberg) -- Billionaire Stan Druckenmiller said he expects that AI is here to stay, and that he anticipates owning Nvidia Corp. for several more years.
“AI could be as innovative as the internet,” Druckenmiller, founder of Duquesne Family Office, said Wednesday at the Bloomberg Invest conference. “If I’m right on AI, I could own Nvidia for two or three more years” and maybe longer, he added.
Shares of Nvidia fell 0.4% to $384.86 at 10:46 a.m. in New York, paring its gain for the year to about 163%.
Druckenmiller, who managed money for George Soros for more than a decade, called the current investing landscape challenging.
“I don’t see any fat pitches,” said Druckenmiller, who’s never had a losing year managing money.
Druckenmiller, 69, has been predicting a hard landing for the US economy. He’s forecasting that corporate profits could fall by 20% to 30%, that the value of commercial real estate will tumble and bankruptcies will rise.
Speaking about next year’s presidential election, Druckenmiller said he would like US Senator Tim Scott, a South Carolina Republican, to be the next president.
Druckenmiller also discussed the dangers of unchecked future government spending, a subject he’s been speaking about for more than a decade. He said that by 2051, Social Security, health-care programs and net interest costs will account for more than 100% of taxes.
He called it “a lie” that the US government won’t cut entitlements, saying it’s only a question of whether it happens now or later.
--With assistance from Sonali Basak.
(Updates with Tim Scott candidacy in seventh paragraph, entitlements starting in eighth.)
©2023 Bloomberg L.P.
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