DocuSign(DOCU) The Motley Fool·2025-05-22 09:05Core Insights - Stanley Druckenmiller's Duquesne Family Office has been active in the first quarter of 2025, adding new positions and increasing existing ones [3][4] Group 1: Taiwan Semiconductor Manufacturing (TSMC) - TSMC was one of Druckenmiller's largest bets, with a 457% increase in shares to 491,265 [7] - The stock experienced a decline but rebounded due to strong first-quarter results, with revenue up 41.6% year over year and earnings per share increasing by 60% [8] - Despite a slight dip in sales from the previous quarter, demand from major customers suggests potential for modest growth [9] - TSMC's largest customer, Nvidia, saw Microsoft increase its capital expenditures by 53% year over year, indicating strong demand in the semiconductor sector [10] Group 2: Flutter Entertainment - Druckenmiller increased his position in Flutter Entertainment by purchasing over 1 million shares, making it the 11th-largest holding in the portfolio [11] - Flutter's FanDuel brand grew monthly users by 11% year over year to 4.3 million, capturing a 43% market share in the U.S. sports betting market [11] - The company launched a cross-promotion for FanDuel, boosting monthly iGaming users in the U.S. above 1 million, with first-quarter revenue from iGaming growing by 32% year over year to 87.5 million, making it the 10th largest position in the portfolio [14] - Docusign's revenue grew by 7% year over year, with subscriptions accounting for 97% of first-quarter revenue [14] - The company reported a gross margin of 78.9% and free cash flow of $232.1 million, representing 33% of total revenue [15]