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 (NYSE:WAB) 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 (NYSE:WAB) in its fourth quarter 2025 investor letter:

“The investment in Westinghouse Air Brake Technologies Corporation (NYSE:WAB) 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 (NYSE:HUM) 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 (NYSE:HUM). 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. (NYSE:HUM) in its Q1 2026 investor letter:

“Among the portfolio’s biggest decliners were Salesforce, Accenture, Humana Inc. (NYSE:HUM) 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.”