Cutting back on NVIDIA while loading up on Netflix represents a clear pivot, even if the tech concentration remains heavy. Philippe Laffont’s firm, Coatue Management, ended the quarter with $29,056,031,305 in total reportable assets, keeping the portfolio tight at just 13 total holdings. The shift toward content and energy infrastructure, paired with continued backing of semiconductor backbone players, suggests a specific bet on the next stage of the data center rollout.

TSM, AVGO, and CEG Infrastructure Bets

The decision to increase exposure to Broadcom Inc (AVGO) to $953,325,775, representing a 3.28% portfolio weight, signals confidence in networking and custom silicon demand. Microsoft Corp (MSFT) also saw an increase, settling at a $918,027,893 position, or 3.15% of the total book. Taiwan Semiconductor (TSM) was adjusted upward as well, with the firm now holding $868,613,960 in the ADRs, accounting for 2.98% of the portfolio. Constellation Energy (CEG) is clearly a conviction play, bumped up to $733,233,148, or 2.52% of the assets under management. These four names occupy the bulk of the 13F whale report commentary for this period, as they represent the physical and software layers of the current compute cycle.

The increase in Constellation Energy is particularly telling. It is not just a utility play but a proxy for the massive power requirements inherent in training large language models. The move in TSM mirrors this, as Laffont positions for the manufacturing bottleneck that has defined the sector for the last eighteen months. Broadcom’s scaling reflects a bet on the underlying interconnectivity required to keep GPUs talking to one another, while the Microsoft increase anchors the portfolio in the primary hyperscaler software layer.

META and NVDA Reductions

The trimming of Meta Platforms Inc (META) to $1,226,109,490, a 4.21% weight, leaves it as a significant position, yet slightly diminished from previous levels. NVIDIA Corp (NVDA) underwent a similar reduction, falling to $754,011,424, or 2.59% of the portfolio. These sales follow a period of high returns and likely represent routine portfolio rebalancing rather than a wholesale exit. Even with the reduction, these two equities remain central to the firm's screener profile.

Beyond the major names, the firm reduced its stake in Lam Research (LRCX) to $540,819,824. Applied Materials (AMAT) also saw a reduction, ending the reporting period at $535,641,325. Alphabet (GOOGL) was pared back to $490,091,384. While these positions remain substantial, the scale of these decreases suggests that Laffont is harvesting gains across the semiconductor equipment and search spaces to fund the newer, more targeted entries.

Amazon.com Inc (AMZN) sits at $1,375,122,252, holding firm as the top position at 4.73% of the portfolio. This holding remained unchanged throughout the period, suggesting it is the bedrock of the firm’s current allocation strategy. Netflix (NFLX) entered the portfolio as a new position valued at $594,913,703, immediately commanding 2.04% of the assets. Equinix (EQIX) also appeared as a new position, with a value of $429,846,023. The addition of Netflix is perhaps the most unconventional move, pulling the portfolio away from purely industrial tech and into the consumer-facing side of digital consumption. Equinix aligns with the data center theme, providing the physical real estate for the cloud providers the firm already holds in heavy concentration.

Looking across the entire 13-holding count, the portfolio remains highly concentrated in firms that benefit from compute, power, and high-margin software distribution. The total value is anchored by Amazon, but the movement in Netflix and Constellation Energy suggests a subtle rotation toward sectors that have clearer paths to monetization as the initial infrastructure build-out reaches a mid-point. Every ticker here plays a role in the broader thesis of digital transformation, with the recent reshuffling showing that Laffont is not afraid to trim the winners in the semiconductor space to chase emerging opportunities in physical power assets and platform-based media. The portfolio remains lean, focused, and heavily tilted toward the capital-intensive winners of the current digital era.

This is not investment advice; 13F filings are delayed by 45 days.