In this article, we will discuss the 10 Best Non-AI Stocks to Buy According to Billionaire Stanley Druckenmiller.
What sets billionaire Stanley Druckenmiller apart from other Wall Street giants is his frankness, humility, and openness to learn. In a February interview with Morgan Stanley, Druckenmiller said he first started taking AI seriously in mid-2022 when people at his firm began talking about it. When people from the tech sector explained to the billionaire what AI is, most of it “went over my head”, Druckenmiller said. But he knew something big was coming and asked how to sign up.
“I started noticing that the kids at Stanford were shifting from crypto, 50/50 crypto and 50/50 AI to more going to AI,” Druckenmiller said. “I knew that this was really big. So, I said to my partner, what should I buy? He said, Nvidia–that’s the way to play AI.”
While Druckenmiller no longer holds Nvidia in his portfolio, he remains an optimist and rejects the blanket view that AI will ultimately lead to massive job losses. He thinks such fears have always spooked people during major technological shifts, yet these changes have often created new opportunities.
“I don’t think any of us know how this movie is going to play out,” he said. “I’m open minded to that too, because the speed is like nothing we’ve ever seen before. But you have to acknowledge, when it’s happened every other cycle that it’s not a given. “Let’s say the pessimists are right, on AI. It’s possible you get a government response with printing and universal income.”
Druckenmiller may be an AI optimist, but that does not mean he is allocating his entire portfolio to AI-related names. In fact, his top holdings as of Q1 still include a range of non-AI stocks. As the saying goes, it is often more useful to pay attention to what successful investors are doing rather than what they are saying. And frankly, many investors are growing tired of the constant AI hype and are instead looking for solid, fundamentals-driven companies that can generate consistent returns.
For this article, we scanned Duquesne Family Office’s Q1 2026 portfolio and picked its biggest non-AI holdings. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).
10. Westinghouse Air Brake Technologies (NYSE:WAB)
Druckenmiller’s Stake: $23,715,000
Westinghouse Air Brake Technologies (NYSE:WAB) makes locomotives, braking systems and rail equipment used by freight railroads and transit operators.
A global replacement cycle in rail bodes well for the stock. Locomotive fleets are aging, with roughly a quarter of North American locomotives more than 20 years old, and many still running older technology. That is pushing rail operators, governments, and miners to spend heavily on upgrades and new equipment. This is showing up directly in Wabtec’s order book through large contracts and modernization programs.
Westinghouse Air Brake Technologies is seeing strong contract momentum from major rail operators. Recent orders include about $1.2 billion from Union Pacific for AC locomotive modernizations, nearly $700 million from CSX for new locomotives and upgrades, plus additional deals from Norfolk Southern and the New York MTA. Internationally, Kazakhstan signed a roughly $4.2 billion locomotive and services deal, while mining customers like Rio Tinto, BHP, and Vale are also contributing to demand.
Analysts expect roughly 10% revenue growth in 2026 and high-single-digit growth beyond that.
TCW Relative Value Mid Cap Fund stated the following regarding Westinghouse Air Brake Technologies Corporation in its fourth quarter 2025 investor letter:
“The investment in Westinghouse Air Brake Technologies Corporation was eliminated over a reasonable concern that its core freight business will come under pressure from any incremental Class 1 railroad consolidation scenario. Wabtec management deserves credit for infusing and nurturing a lean operating culture that has helped through cycle margins and cash f low. Its lean operating playbook extended into disciplined M&A where Wabtec buys products, improves operating performance, and cross-sells these products into its freight and transit customer base. However, given that more than half of Wabtec’s revenues are derived from customer-concentrated freight end markets, it is reasonable to believe that numerous high margin and high-ticket products could be pressured over the medium term if incremental rail consolidation due to one or two transcontinental railroads improves transcontinental network fluidity and stronger customer procurement leverage over Wabtec. Given these reasonable medium-term concerns, the position was eliminated.”
9. Humana (NYSE:HUM)
Druckenmiller’s Stake: $23,842,000
Humana (NYSE:HUM) is a US health insurer focused mainly on Medicare Advantage plans for seniors. While the stock is up year to date and has also gained over the past year, it is down 28% over the past five years amid profitability pressure in the Medicare Advantage business.
The bull case for the long term is simple: the pressures are cyclical and partially fixable over time. Humana is targeting a return to at least a 3% Medicare Advantage margin by 2028, suggesting management expects profitability to recover as pricing, benefits, and utilization normalize. The company also expects earnings growth to resume after a 2026 “reset year,” where current pressures are absorbed and restructured into new plan designs and pricing.
Membership trends still provide some support, with individual Medicare Advantage membership expected to grow by about 25% over 2026, driven by new sales and improved retention. This shows that despite margin pressure, demand for the product remains strong.
A key additional factor is activism. Glenview Capital has recently taken a stake in Humana. Glenview is an activist investor known for pushing operational changes, cost discipline, and strategic restructuring. Bulls argue that Glenview’s involvement could help accelerate a turnaround in execution and capital allocation, similar to how activism previously helped improve sentiment and performance at CVS Health.
Artisan Value Fund stated the following regarding Humana Inc. in its Q1 2026 investor letter:
“Among the portfolio’s biggest decliners were Salesforce, Accenture, Humana Inc. and PayPal Holdings, each of which dropped by 20% or more during the quarter. Managed care stocks, including Humana, also declined during the quarter. The sector came under pressure after the Centers for Medicare & Medicaid Services (CMS) released a preliminary 2027 Medicare Advantage rate update that was significantly below expectations. The proposed increase of just 0.09% was essentially flat compared with investor expectations of 4% to 6%. While final rates are often revised higher, the announcement was a meaningful disappointment and adds uncertainty to Humana’s multiyear turnaround. More broadly, the managed care industry continues to face higher medical costs driven by elevated utilization. Humana is also dealing with lower quality ratings under the Medicare Stars program, which could reduce bonus payments over the next several years. Although the stock appears inexpensive following its recent decline, we chose to exit the position given the company’s heavy exposure to Medicare Advantage and the risk that policy and execution challenges could delay a recovery in margins and earnings.”
8. United Airlines (NASDAQ:UAL)
Druckenmiller’s Stake: $24,168,000
United Airlines (NASDAQ:UAL) is a major airline that transports passengers and cargo across domestic and international routes.
United Airlines Holdings, Inc. (UAL) is up about 41% over the past year, but so far this year the stock has gone nowhere, as macro volatility, geopolitical conflicts, and profitability pressures linked to fuel costs have weighed on sentiment.
Despite this, Q1 2026 showed underlying strength, with adjusted EPS rising around 30% year over year. The improvement came even as jet fuel expenses increased sharply, with management pointing to a significant jump in fuel costs that added hundreds of millions of dollars in pressure on results. Still, demand trends held firm, and the core business remained resilient.
United Airlines expects to recover higher fuel costs through fare increases over the course of the year. Management guided to a 40% to 50% recovery in Q2, with the potential for recovery to move closer to full pass-through by later quarters, depending on pricing and demand conditions. That outlook is central to the near-term earnings trajectory, as profitability now depends heavily on how much of the fuel shock can be passed on to customers without weakening demand.
Premium revenue rose about 14% in Q1, while business revenue also increased roughly 14%, highlighting continued strength in higher-margin segments. That mix shift toward premium and corporate travel is helping offset cost pressures and supporting overall revenue growth in a more difficult cost environment.
The stock trades at roughly 9–10x forward earnings, which remains a discount to peers like Delta despite similar growth and improving margin dynamics.
7. Revolution Medicines (NASDAQ:RVMD)
Druckenmiller’s Stake: $30,717,000
Revolution Medicines (NASDAQ:RVMD) is a biotech company developing targeted cancer drugs.
Revolution Medicines recently reported a Phase 3 win for its lead drug daraxonrasib. The results showed the candidate drug cut the risk of death by about 60% and more than doubled survival in patients with advanced pancreatic cancer compared to chemotherapy.
Additional Phase 3 programs include adjuvant PDAC settings after surgery and perioperative therapy, as well as expansion into non-small cell lung cancer (NSCLC), widening the total opportunity beyond pancreatic cancer alone.
Revolution Medicines is also developing zoldonrasib, a selective RAS G12D inhibitor, with plans for multiple Phase 3 combinations. This creates a second growth engine targeting a high-frequency mutation in pancreatic and lung cancers.
Some also believe Revolution Medicines could become an acquisition target for large pharma looking to deepen their oncology pipelines.
Aristotle Growth Equity Fund stated the following regarding Revolution Medicines, Inc. in its fourth quarter 2025 investor letter:
“Revolution Medicines, Inc. is a company focused on developing new treatments for cancer, specifically for patients whose cancers are driven by changes in RAS proteins. Their research and development is centered on creating drugs called RAS(ON) inhibitors, which aim to block the growth signals from these proteins. The company’s main drugs—Daraxonrasib, Elironrasib, and Zoldonrasib—are already being tested in clinical trials. Revolution Medicines is working on bringing a new drug, RMC-5127, into trials soon. In addition, the company is developing more targeted treatments for other types of RAS mutations.
We see Revolution as presenting a compelling investment case driven by the robust clinical performance of its lead candidate, Daraxonrasib (RMD-6236), currently in phase 3 trials for advanced non-small cell lung cancer (NSCLC) and pancreatic ductal adenocarcinoma (PDAC). The drug has demonstrated impressive efficacy in hard-to-treat cancers, with high objective response and disease control rates, significantly outperforming existing standard treatments. Daraxonrasib’s U.S. Food and Drug Administration (FDA) Breakthrough Therapy Designation and inclusion in the FDA Commissioner’s National Priority Review Voucher program highlight its promise and potential for accelerated approval. With ongoing expansion into earlier lines of therapy and multiple combination studies in solid tumors, as well as a pipeline of additional agents in development, Revolution is well positioned for future growth and value creation in the oncology space. As a clinical-stage biotechnology company, valuation can be challenging given no commercial products. Sell-side analysts have projected that Daraxonrasib’s PDAC-only revenue could reach several billion dollars by the mid-2030s. This would result in a current value that is just over one times potential peak revenue, which is lower than the multiple typically seen in historical biotech merger & acquisition transactions.”
6. Option Care Health (NASDAQ:OPCH)
Druckenmiller’s Stake: $50,301,000
Option Care Health (NASDAQ:OPCH) provides home and outpatient infusion therapy services. It delivers medications like antibiotics and immune therapies directly to patients outside hospitals.
The stock has long-term potential because an aging population is increasing demand for ongoing treatments that don’t require hospital stays, which supports this shift toward home-based care.
Health systems are trying to reduce costs by moving care out of hospitals, and infusion-at-home services are usually cheaper than inpatient treatment. This would bode well for Option Care Health.
However, sentiment turned more cautious after Bank of America downgraded the stock from Buy to Neutral, following a cut to full-year guidance. The bank pointed to tougher insurance approvals and rising competition from pharmacy benefit managers and integrated pharmacy networks, and also lowered its price target sharply.
5. NewAmsterdam Pharma (NASDAQ:NAMS)
Druckenmiller’s Stake: $98,275,000
Druckenmiller likes asymmetric bets where he can risk a small position for potentially large upside. NAMS falls in this category. It’s a Netherlands-based biotech developing obicetrapib, an oral drug designed to lower bad cholesterol. The product is targeted towards people who are not able to reach target levels even after taking standard treatments like statins.
A lot of patients with cardiovascular disease or high cholesterol are still not able to reach LDL targets even with existing therapies, which creates a large unmet medical need for an easy-to-take oral option.
If approved, it could become a widely used add-on therapy with global demand; if it fails in key outcome trials or regulatory review, the downside is significant because there is little diversification in the pipeline.
TimesSquare Capital U.S. Small Cap Growth Strategy stated the following regarding NewAmsterdam Pharma Company N.V. (NASDAQ:NAMS) in its fourth quarter 2025 investor letter:
“Our preferences among Health Care stocks are those companies providing novel therapies for unmet needs that command premium pricing, or specialized service providers. Shares in the biopharma developer of cholesterol inhibitors for cardiovascular diseases, NewAmsterdam Pharma Company N.V., rose by 23%. Indications were strongly positive for the upcoming trial results for its CETP inhibitor to reduce LDL levels.”
4. Alcoa (NYSE:AA)
Druckenmiller’s Stake: $99,057,000
Alcoa (NYSE:AA) is in the spotlight amid rising aluminum prices due to the ongoing Middle East conflict. Recently, UBS upgraded the stock and increased its price target. The firm believes supply disruptions cause aluminium prices to remain higher, which ultimately bodes well for Alcoa.
UBS aid Alcoa’s valuation is attractive and highlighted its strong cash flow potential.
But the core thesis isn’t just about aluminium prices. Alcoa has several secular growth catalysts. Aluminum is used in transportation, electricity infrastructure, construction, packaging, consumer durables, and machinery. Estimates suggest aluminum demand was estimated to rise by about 39% from 2020 through 2030. In the transportation sector, demand was estimated to jump a whopping 59%, thanks to the EV boom.
3. BBB Foods (NASDAQ:TBBB)
Druckenmiller’s Stake: $109,972,000
BBB Foods (NASDAQ:TBBB) is a Mexican discount grocery chain selling everyday household essentials to low- and middle-income customers.
It is growing fast because it focuses on basic groceries at lower prices, which becomes more attractive when inflation is high or consumer budgets are tight.
In Q1, revenue rose about 33% year over year, driven mainly by higher customer traffic and larger shopping baskets rather than price increases. BBB Foods also opened 123 new stores, expanding its footprint across Mexico.
Investors see it as a structural growth story in an under-penetrated Mexican retail market, where modern discount chains are still taking share from small mom-and-pop stores.
It also has a defensive profile because people still buy food and essentials even in weak economies.
2. Insmed (NASDAQ:INSM)
Druckenmiller’s Stake: $188,717,000
Insmed (NASDAQ:INSM) makes treatments for serious lung diseases caused by chronic inflammation or infection. Its core products are Brinsupri (brensocatib) and Arikayce.
In 2025, Brinsupri generated about $144.6 million in Q4 sales, bringing full-year revenue to roughly $600+ million, reflecting very strong early launch growth. This represents around 67% year-over-year growth. For 2026, Insmed expects Brinsupri to hit about $1 billion in annual sales, driven by broader patient adoption.
Arikayce in 2025 generated about $433.8 million in full-year sales, up 19% year over year, and the company guided 2026 sales of $450–$470 million.
Insmed’s pipeline is also strong. One key candidate is TPIP (treprostinil inhalation powder), a treatment being developed for PAH (pulmonary arterial hypertension) and PH-ILD (pulmonary hypertension associated with interstitial lung disease). Some estimates suggest the product can potentially generate over $4 billion in peak annual sales.
Artisan Small Cap Fund stated the following regarding Insmed Incorporated in its fourth quarter 2025 investor letter:
“Our top contributors in Q4 were MACOM Technology Solutions, Insmed Incorporated and Vita Coco. Insmed is a biotechnology company focused on pulmonary diseases. We exited our position during the quarter due to market cap considerations, though the stock remained a top performer. Its strength was driven by the successful launch of Brinsupri™ (brensocatib), the first approved therapy for non-cystic fibrosis bronchiectasis, which generated $28 million in initial sales from roughly 2,500 patients and 1,700 prescribers, along with a robust pipeline of additional potential therapies.”
1. Natera (NASDAQ:NTRA)
Druckenmiller’s Stake: $612,691,000
Natera (NASDAQ:NTRA) develops genetic testing products used mainly in cancer detection, pregnancy screening, and organ health monitoring. Its key product is Signatera, a cancer testing platform that helps doctors monitor cancer recurrence.
Natera says about 50% of oncologists are already ordering Signatera. In Q1, revenue rose about 38% year over year while test volumes jumped 18.5% year over year.
Some notable news for the stock includes FDA approvals like Signatera for bladder cancer, expanding Medicare reimbursement coverage, increasing adoption in international markets like Japan and expansion via acquisitions ( Foresight Diagnostics).
Baron Health Care Fund stated the following regarding Natera, Inc. in its Q1 2026 investor letter:
“We reacquired shares of Natera, Inc., a diagnostics company that provides testing services in the oncology, prenatal, and organ transplant settings. We are particularly excited about the promise of Natera’s Signatera minimal residual disease (MRD) tests, which account for half of the company’s revenues today and are the company’s key growth driver. Signatera tests for any evidence of cancer cell DNA in a patient’s blood and can be used to: 1) stratify patients and guide therapy decisions after surgical tumor removal; 2) monitor how patients respond to treatment; and 3) detect early cancer recurrence. Signatera is the leading test in the MRD category and has been proven to meaningfully affect patient outcomes in colorectal cancer, breast cancer, bladder cancer, and to monitor immunotherapy response. Natera continues to invest in clinical studies to prove Signatera’s clinical value in additional treatment settings. In particular, we expect Signatera growth to benefit from recently published/presented data in muscle-invasive bladder cancer and head and neck squamous cell carcinoma. We also anticipate Signatera to launch in Japan following reimbursement for colorectal cancer testing, which could drive significant growth in 2027 and beyond given the large patient population. Further, Natera continues to defend its leadership position by expanding its MRD test offerings, including launching their whole genome sequencing-based test and the tumor-naïve Latitude test. Overall, we think MRD testing can be a $20 billion market as oncologists continue to adopt these tests and as its clinical utility is proven in more settings, and we are bullish that Natera will continue to hold its leadership position.”
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