Philippe Laffont

Coatue Management’s first-quarter 2026 filing shows Philippe Laffont running a concentrated, momentum-driven book that leans heavily into the AI infrastructure trade. The fund’s $29.1 billion equity portfolio places its largest bets on Amazon, Meta, and Taiwan Semiconductor, with each hovering near 4% to 5% of assets. Laffont has not abandoned the mega-cap growth names that defined his prior quarters, but the composition of his top ten reveals a clear pivot toward the physical layer of computing: semiconductor manufacturing, chip equipment, and power generation. The standout position is GE Vernova, which appears as the fourth-largest holding at roughly $1.1 billion. That is a notable departure from most growth-focused peers, who remain anchored in software and internet platforms. Coatue’s allocation to Constellation Energy, another top-ten name, reinforces this thesis: Laffont is effectively underwriting the electrification buildout required to power data centers. This is not a passive index-like tilt. It is a deliberate bet that the bottleneck in AI scaling has shifted from model training to energy supply and grid infrastructure. Coatue’s tech exposure remains broad, with Broadcom, Microsoft, and Nvidia all in the top ten, but the fund has trimmed its reliance on any single name. Amazon and Meta lead, yet neither exceeds 5% of the portfolio, suggesting Laffont is managing concentration risk even as he doubles down on the sector. The inclusion of Lam Research alongside Taiwan Semiconductor shows he is also buying the equipment makers, not just the chip fabricators. That layered approach gives the fund exposure to multiple points in the AI supply chain, from lithography to power turbines. Laffont is not chasing the next software fad; he is positioning for the multi-year capital cycle that underpins it.