In its second-quarter 13F filing, Philippe Laffont's Coatue Management revealed a significant portfolio repositioning, increasing its total value to $48.63 billion and signaling a deepened conviction in the AI infrastructure build-out. The fund initiated several high-profile new positions, including a $3.17 billion stake in the recently public Space Exploration Technologies (SPCX), a $1.69 billion investment in chipmaker Intel (INTC), and a $1.55 billion position in AI hardware firm Cerebras Systems (CBRS). These new buys align with Laffont's stated strategy of investing in the 'picks and shovels' of the AI revolution.
The filing also highlighted a massive increase in Coatue's investment in Micron Technology (MU), with the position growing from just over 165,000 shares to 3.14 million, making it a top holding valued at $3.63 billion. This move underscores a strong bullish stance on the memory and data storage sector, a critical component of AI development. Additionally, the fund increased its stake in Amazon (AMZN) by nearly 49% to $2.82 billion, likely a nod to the company's dominant position in cloud computing and its own AI ambitions.
To fund these new and expanded positions, Coatue exited several holdings, most notably selling its entire stake in payments giant Visa (V). The firm also divested from fintech company Chime Financial (CHYM) and logistics provider C.H. Robinson Worldwide (CHRW), suggesting a strategic rotation out of legacy financial and logistics sectors to concentrate capital in companies at the core of the ongoing AI and data infrastructure expansion.