Tiger Global Cut Alphabet 45% and Opened an AMD Position. Is It Rotating From AI Platforms to AI Chips?

Tiger Global Management executed a significant portfolio rotation within the artificial intelligence sector during the second quarter, according to its latest 13F filing. The investment fund slashed its stake in Alphabet Inc. by 45.4%, reducing its holdings from 10.63 million shares to 5.81 million shares, while initiating a brand new position in Advanced Micro Devices, Inc. (AMD). This strategic trade reflects an institutional rebalancing away from platform-level hyperscalers carrying heavy capital expenditures toward merchant chip suppliers positioned to capture enterprise infrastructure spend. AMD's fundamental performance supports this institutional rotation, with the semiconductor maker posting 50% year-over-year revenue growth in the second quarter, highlighted by a 107% surge in data-center revenue driven by strong adoption of its Instinct accelerators and EPYC processors. Broader hedge fund sentiment toward AMD improved markedly, with the number of funds holding the stock rising from 134 to 164. Despite competition from Nvidia and in-house hyperscaler silicon, AMD remains an attractive alternative supplier across the AI hardware stack.