Billionaire Philippe Laffont Trimmed 8 of His Fund's Top 10 Positions Last Quarter. Here's What the Other 2 Have in Common.

Coatue Management shifted its public-equity portfolio last quarter, trimming stakes in eight of its top 10 positions — including hyperscalers and chipmakers — while adding exposure higher up the AI supply chain. The fund increased holdings in semiconductor manufacturers and equipment suppliers (notably Taiwan Semiconductor and Lam Research) and added ASML and Micron, reflecting expectations that hyperscalers’ rising capex (Microsoft guided ~$190 billion for the year) will benefit foundries and wafer-equipment vendors. Market impact: beneficiaries such as TSMC, Lam, ASML and Micron may see stronger revenue, margin expansion, and pricing power, while cloud/hyperscaler multiples could remain pressured by heavy capex. Valuation notes highlight Lam’s ~60% YTD gain and forward P/E rising from ~30 to ~48, while TSMC’s P/E sits near 25 despite big gains. The piece advises investors to reassess holdings after recent strong performance and price appreciation.