Philippe Laffont
Coatue Management
Q1 2026: $29.1B across 62 names, with the top five now TSMC, GE Vernova, Lam Research, Applied Materials and Broadcom — full-stack AI infrastructure (foundry + equipment + power) — while adding 18% to Microsoft.
Investment thesis
Laffont has long focused on tech growth and the AI mega-trend; his book is the best window into how institutions now define AI infrastructure.
GE Vernova (power equipment) in the top five is the signal: for Coatue, electricity and semicap equipment are both upstream picks-and-shovels of the AI supply chain.
He trimmed Nvidia while adding 18% to Microsoft — expressing the trade through equipment, power and the enterprise-AI platform rather than a single compute name.
Sources: 13F.info — Coatue Management Q1 2026 filing · ValueSense — Coatue portfolio holdings 2026 · CNBC — Laffont explains his biggest AI trade
Related themes
Compute & AI Chips
4 namesThe “pick-and-shovel” layer of the AI boom. Training and inference demand drives GPU/accelerator sales — the clearest cash flows today, but also the most crowded and richly valued.
AI Applications & Platforms
2 namesThe layer that turns models into products and revenue: search, ads, productivity, vertical SaaS. Winners are decided by distribution and data, not raw compute.
AI Memory & Storage
5 namesThe new institutional consensus of 2026: AI data centers have pushed HBM memory and NAND/HDD storage into a shortage cycle. Hedge-fund semiconductor weight hit a record ~10%, and the newest Goldman VIP names — SanDisk, Lam Research, Applied Materials — all sit on this chain.
AI Energy & Power
2 namesThe overlooked bottleneck: surging data-center power demand puts nuclear, grid, and cooling on the AI map — a “second-order” beneficiary.
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