Philippe Laffont's Q1 2026 Portfolio: TSM Stake Boosted, Full Exit from ORCL, SNOW, and 3 Others

Philippe Laffont disclosed Coatue Management's $25.4B AUM and 20 holdings in his Q1 2026 13F filing. He raised his TSM stake to 10.8% (+8%), keeping it as his top holding, initiated a new $1.1B position in EQIX, and fully exited five positions: ORCL, SNOW, ADBE, AMD, and ARM.

Top 5 Holdings — Q1 2026

• TSM: $3.1B (10.8%)
• GEV: $2.2B (7.7%)
• LRCX: $2.1B (7.4%)
• AMAT: $1.8B (6.2%)
• AVGO: $1.7B (5.9%)

Key Trading Highlights

Coatue Management's top 10 holdings are concentrated in semiconductors and AI infrastructure. TSM remains the largest position at $3.1B (10.8%), followed by power infrastructure plays GEV ($2.2B), ETN ($1.7B), and CEG ($1.3B). Semiconductor equipment makers LRCX ($2.1B) and AMAT ($1.8B) also held top rankings, rounding out the top 10 with AVGO, AMZN, META, and GOOGL. The TSM stake grew 8% quarter-over-quarter, reflecting stronger conviction in the AI chip supply chain.

• EQIX: New $1.1B position — signals expanding investment in AI data center infrastructure
• TSM: Stake increased +8% ($3.1B) — remains the largest position in the AI chip supply chain
• ORCL, SNOW, ADBE, AMD, ARM: Fully exited — software and legacy semiconductor positions liquidated

The most notable new additions were EQIX ($1.1B) and ASML ($655M), alongside smaller stakes in V, QCOM, and SOLS. Meanwhile, five positions — ORCL ($865M), SNOW ($544M), ADBE ($306M), AMD ($265M), and ARM ($251M) — were fully liquidated, clearing out software and legacy semiconductor exposure. Among existing holdings, TSLA was cut 96% to $22M, DASH fell 87% to $83M, and CVNA dropped 65% to $214M.

Outlook

Coatue's rebalancing this quarter shows the center of gravity in AI infrastructure expanding from semiconductor equipment (LRCX, AMAT) toward power and data centers (GEV, ETN, CEG, EQIX). The simultaneous exit from software names like ORCL, SNOW, and ADBE alongside chip positions AMD and ARM suggests a reassessment driven by valuation concerns and a reshuffling of AI beneficiary bets. The reductions in TSLA, DASH, and CVNA appear to reflect risk management around high-valuation consumer names.