Watch: Famed Billionaire Investor Touts Recession-Proof Stock That He'll Hold for '2-3 More Years'

Investors have been on edge all year as the worry over a coming recession has loomed over markets for months. Despite the fears, the S&P 500 is up about 20% from its October lows and is knocking on the door of a bull market.

One stock in particular has had a strong run recently and Stanley Druckenmiller, founder of the hedge fund Duquesne Family Office, says it has much more room to run. 

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"If Staples can go up in price in a recession, why can't a company like Nvidia? If their orders and earnings go up 70% in a hard (economic) landing, which is what I think will probably be happening, it's not clear to me that Nvidia will go down despite the lofty valuation level," Druckenmiller said at the Bloomberg Invest conference Wednesday. 

The 69-year old billionaire is such a fan of Nvidia  (NVDA) - Get Free Report and the potential of its AI ambitions that he plans to hold on to the stock for a long time. 

"AI could be as innovative as the internet. If I'm right on AI, I could own Nvidia for two or three more years," he said. 

Druckenmiller must really like Nvidia and its artificial intelligence prospects because for the wider market he sees a large haircut coming for corporate profits. 

"I could see corporate profits down 20% to 30% , normally I would say 40% to 50% in a hard landing, but this recession is so anticipated, I don't think a lot of corporations will be caught with their pants down," Druckenmiller said. 

But one thing is certain for Druckenmiller: the U.S. economy will have a hard landing recession, and the fact that it hasn't happened yet means the probably that it will happen is going higher.