At a closed-door meeting hosted by Piper Sandler in New York on September 10, Stanley Druckenmiller said further Fed rate cuts are unnecessary, calling claims that rates are restrictive "absurd." He warned of a profit bubble in the AI industry and revealed he has cut AI positions to 20% of their level six months ago. He attributed the rise in bond yields to fundamental support, and said he is short the euro and sterling but would not short the dollar.