Philippe Laffont's Trades and Holdings in Q1 2025

Breaking down the stocks Philippe Laffont (Coatue) bought, sold, and held in Q1 2025, including their holdings at the end of the quarter. All data sourced from Coatue's 13F filed on May 15, 2025.

Who are Philippe Laffont and Coatue?

Philippe Laffont is the founder and managing partner of Coatue Management LLC (commonly referred to as Coatue). The fund is known for its concentrated public equity portfolio, typically consisting of around 70 stocks, with the top 10 holdings comprising approximately 57% of assets, and variable cash holdings deployed tactically into high-conviction opportunities across public and private markets. His investment strategy is a growth-oriented crossover approach inspired by Julian Robertson's Tiger Management, emphasizing investments in innovative companies across lifecycles from early-stage ventures to public equities, with a focus on technology disruption and active management. Laffont focuses on high-potential companies in sectors like AI infrastructure, cloud computing, semiconductors, and digital platforms that can achieve massive scale, with strong qualitative factors like network effects, high margins, rapid innovation, deep moats, strong leadership, and alignment with secular trends such as artificial intelligence and digital transformation.

Coatue.com
Coatue on X
Philippe Laffont on X
Q1 '25 13F filed with SEC

Holdings in Q1 2025

Current Investment Strategy

Philippe Laffont's Coatue Management maintained its concentrated growth-oriented crossover strategy in Q1 2025, doubling down on AI infrastructure with a major new position in recently-public CoreWeave while retaining top holdings in embattled server maker Super Micro Computer and business software plays ServiceTitan and UiPath, even as he exited enterprise software stalwarts ServiceNow and Shopify. The technology-focused hedge fund's portfolio shifts reflected Laffont's tactical pivot toward earlier-stage AI cloud computing plays and distressed tech opportunities like Carvana and Hertz, while adding defensive exposure through an uncharacteristic stake in Philip Morris.

New Investments

CoreWeave CRWV

Philippe Laffont bought $534.06M of CoreWeave in Q1 2025. CoreWeave generated $1.21 billion in Q3 2025 revenue, maintaining essentially flat performance sequentially, yet continues to face significant profitability headwinds with a substantial $290.5 million net loss despite achieving a healthy $900.1 million gross profit. The company's operating margin remains razor-thin at 1.6% with operating income of just $19.2 million, revealing critical expense management challenges that offset strong cloud computing market fundamentals. Recent insider activity—namely CEO Michael Intrator's sale of 5,411 shares at $115.24 in October 2025 combined with negative EPS of -$0.6—suggests institutional caution regarding the path to profitability.

• Q3 2025 revenue of $1.21 billion flat sequentially; gross margin of 74% demonstrates pricing power but operating expenses outpacing revenue growth.
• Net loss of $290.5 million in Q3 with negative EPS of -$0.6, yet EBITDA of $583.7 million reflects disconnect between operational cash generation and bottom-line results.
• Operating margin compressed to 1.6% in Q3 2025 as operating expenses of $1.19 billion nearly matched revenue, indicating aggressive spending outpacing operational leverage.

Philip Morris PM

Philippe Laffont bought $246.97M of Philip Morris in Q1 2025. Philip Morris delivered strong Q3 2025 results with adjusted EPS of $2.24, beating consensus expectations by 6.67%, and revenues of $10.85 billion exceeding estimates by 1.32%. The smoke-free business continues to be the primary growth engine, expanding to 41% of total net revenues with shipment volumes up 16.6% and net revenues growing 17.7%, while the company raised its full-year adjusted diluted EPS guidance. Despite robust performance, the stock declined 8.86% on the announcement day, likely due to cautious management commentary regarding near-term profit moderation from increased U.S. market investment and inventory management activities.

• Adjusted diluted EPS grew 17.3% year-over-year to $2.24, surpassing analyst consensus of $2.10 and delivering a 6.67% earnings surprise.
• Smoke-free business shipment volumes increased 16.6% with net revenues growing 17.7% organically, now representing 41% of total company revenues with 42% of gross profit.
• Quarterly dividend increased 8.9% to $1.47 per share, with IQOS holding 76% of global heat-not-burn market share and ZYN recording 39% growth in the U.S.

Monolithic Power Systems MPWR

Philippe Laffont bought $112.19M of Monolithic Power Systems in Q1 2025. Monolithic Power Systems delivered strong Q3 2025 results with revenue of $737.2 million, representing 18.9% year-over-year and 10.9% sequential growth while beating analyst estimates on revenue and non-GAAP earnings. Strong performance across automotive (+36.1%) and storage/computing segments (+29.6%) drove results, though pricing pressures and short order cycles present ongoing challenges. With Q4 guidance of $740 million at midpoint—above analyst consensus of $725.2 million—and gross margins maintaining near 55%, the company appears well-positioned for sustained growth.

• Revenue $737.2M, up 18.9% YoY and 10.9% sequentially from Q2's $664.6M.
• Non-GAAP EPS $4.73, up 16.5% YoY from prior year's $4.06, exceeding analyst estimates of $4.63.
• Automotive revenue +36.1% to $151.5M; storage and computing +29.6% to $186.6M.

Carvana CVNA

Philippe Laffont bought $111.93M of Carvana in Q1 2025. Q3 2025 delivered exceptional results with 55% revenue growth to $5.65 billion and 44% growth in retail units sold to a record 155,941 units, driven by expanded inventory, automation investments, and operational efficiencies. Profitability strengthened significantly with $637 million in adjusted EBITDA (11.3% margin), $1.03 EPS (61% YoY growth), and substantial balance sheet improvements including $2.1 billion in cash and debt reduction to 1.5x net debt-to-EBITDA. Management's strong Q4 guidance for adjusted EBITDA at or above the high end of the $2.0–$2.2 billion full-year range signals confidence in sustained profitable growth, though recent stock weakness suggests market skepticism about valuation or execution risks.

• 55% YoY revenue growth to $5.65 billion with 44% growth in retail units sold to 155,941, significantly outpacing the broader used-car market and establishing new company records.
• 61% YoY EPS growth to $1.03 with adjusted EBITDA margin of 11.3% and 87% conversion to GAAP operating income, demonstrating improved operational leverage.
• Net debt-to-trailing twelve-month adjusted EBITDA improved to 1.5x following $1.2 billion of debt retirement across 2024–2025, with $2.1 billion in cash representing the company's strongest financial position ever.

Skyworks SWKS

Philippe Laffont bought $82.27M of Skyworks in Q1 2025. Skyworks delivered exceptional earnings performance in Q4 2025 with an EPS of $1.76, crushing estimates by 34.35% and marking the second consecutive quarter of significant beats after Q3's 16.67% outperformance. The company is demonstrating strong momentum with year-over-year Q4 earnings growth of 13.5% compared to Q4 2024's $1.55 EPS. This recent performance trajectory indicates the company is gaining operational strength and capturing market share effectively.

• Q4 2025 EPS beat expectations by 34.35% with actual results of $1.76 versus analyst estimate of $1.31.
• Q3 2025 demonstrated continued outperformance with EPS beating by 16.67% (actual $1.33 vs. estimate $1.14).
• Year-over-year Q4 growth of 13.5% with EPS rising from $1.55 in Q4 2024 to $1.76 in Q4 2025.

Pinterest PINS

Philippe Laffont bought $52.04M of Pinterest in Q1 2025. Pinterest delivered impressive 17% revenue growth in Q3 2025 while achieving record user levels, demonstrating robust platform engagement and expanding user adoption. The company maintains a compelling valuation with a 9.30 P/E ratio, supported by trailing twelve-month net income of $1.99 billion and EPS of $2.88 on $4.06 billion in revenue. Analyst sentiment remains constructive with a Buy rating and $39.33 price target, reflecting confidence in the platform's growth trajectory.

• Q3 2025 revenue expanded 17% year-over-year with record user growth, indicating strong platform momentum and user retention.
• P/E ratio of 9.30 represents an attractive entry point relative to earnings generation at $2.88 EPS.
• Analyst price target of $39.33 suggests 46.81% upside potential from current trading levels.

Tempus AI TEM

Philippe Laffont bought $45.13M of Tempus AI in Q1 2025. Tempus AI demonstrated exceptional momentum in Q3 2025, delivering 84.7% year-over-year revenue growth to $334.2 million, significantly outpacing market expectations and driving gross profit expansion of 98.4%. The company achieved a critical profitability inflection with positive adjusted EBITDA of $1.5 million compared to a $21.8 million loss in Q3 2024, while non-GAAP net loss per share improved substantially to -$0.11 from -$0.24 year-over-year. Strategic acquisitions including Paige, FDA clearances for AI-powered medical devices, and selection for the ARPA-H ADAPT program position the company for continued acceleration, with full-year 2025 revenue guidance raised to $1.265 billion, reflecting approximately 80% growth over 2024.

• Revenue growth accelerated to 84.7% YoY with Q3 revenue of $334.2 million, exceeding consensus estimates.
• Genomics revenue surged 117.2% YoY to $252.9 million driven by 117.2% growth in the core segment and strong performance across cancer and hereditary testing.
• Adjusted EBITDA achieved breakeven profitability milestone at $1.5 million in Q3 versus -$21.8 million loss in prior year quarter, demonstrating operational leverage.

Astera Labs ALAB

Philippe Laffont bought $40.37M of Astera Labs in Q1 2025. Astera Labs demonstrated exceptional financial momentum in Q3 2025, achieving record revenue and robust profitability. The company's strategic positioning in AI infrastructure solutions drives significant investor confidence. Analyst sentiment remains highly positive, reflecting the firm's strong growth trajectory and market potential.

• Delivered 104% year-over-year and 20% quarter-over-quarter revenue expansion to $230.6 million, establishing new performance benchmarks.
• Generated $198.87 million in net income over twelve months with EPS of $1.14, underscoring operational efficiency.
• Commanding 142.06x P/E ratio with Strong Buy recommendation and 6.87% projected price appreciation.

Novavax NVAX

Philippe Laffont bought $24.6M of Novavax in Q1 2025. Novavax experienced a challenging Q3 2025 with total revenue declining 18% year-over-year to $70M from $85M in Q3 2024, while recording a $202M net loss for the quarter. However, the company's strategic partnership with Sanofi has generated $225M in cumulative milestones year-to-date, including $50M expected in Q4 2025 related to marketing authorization transfers, alongside significant cost reduction initiatives from Maryland facility consolidation projected to yield approximately $230M in savings over 11 years. Despite near-term headwinds, management raised its full-year adjusted revenue framework to $1,040–$1,060M, reflecting confidence in the Sanofi partnership and vaccine pipeline execution.

• Q3 revenue declined 18% year-over-year to $70M versus $85M in the prior year period.
• Sanofi partnership delivered $225M in cumulative milestones year-to-date with favorable cash position of $778M as of September 30, 2025.
• Full-year adjusted revenue guidance raised to $1,040–$1,060M while Maryland consolidation is expected to generate ~$230M in savings over 11 years.

Medical Properties Trust MPW

Philippe Laffont bought $20.01M of Medical Properties Trust in Q1 2025. Medical Properties Trust delivered a mixed Q3 2025 performance with normalized funds from operations of $0.13 per share, significantly beating analyst consensus of $0.0076, though reported GAAP EPS fell to -$0.13 versus the forecast of $0.01. The company's net losses improved substantially by 90.3% year-over-year to $78 million from $801 million in Q3 2024, reflecting progress on portfolio restructuring despite $82 million in impairment charges tied to Prospect Medical Group proceedings. Management's confident guidance to achieve $1 billion+ in annualized cash rent by end of 2026, combined with a $150 million stock repurchase program and a new $45 million annual lease agreement with NOR Healthcare Systems, signals stabilization momentum despite near-term operational headwinds.

• Normalized FFO beat analyst consensus by 1,613%, while GAAP EPS declined 1,400% below expectations at -$0.13.
• Net loss improved 90.3% to $78 million from $801 million prior year, indicating progress on portfolio stabilization.
• Stock gained 5.25% in post-earnings trading despite 9.7% one-month decline and recent portfolio challenges.

QuantumScape QS

Philippe Laffont bought $17.87M of QuantumScape in Q1 2025. QuantumScape continues to advance its solid-state battery technology, achieving a significant milestone with its first customer billings of $12.8 million in Q3 2025 while narrowly beating EPS expectations at -$0.18 versus the forecast of -$0.20. The stock has surged +240% year-to-date as the company pivots to a capital-light development and licensing model, leveraging expanded partnerships with Volkswagen's PowerCo and other OEM partners to extend its cash runway through the end of the decade. Despite strong equity performance and maintaining $1 billion in liquidity, analyst consensus remains cautious with a median price target of $7.33, reflecting concerns about the path to profitability and the pre-revenue business model.

• Q3 EPS beat expectations by 10% at -$0.18 versus forecast of -$0.20, with first customer billings reaching $12.8 million.
• Stock rallied +242% over the past year, significantly outperforming the EV battery industry which declined 4%.
• Company ended Q3 with $1 billion in liquidity and improved full-year adjusted EBITDA loss guidance to $245-260 million, demonstrating operational efficiency gains.

Peloton PTON

Philippe Laffont bought $15.8M of Peloton in Q1 2025. Peloton demonstrated significant sequential improvement in Q3 2025, reducing net losses by approximately 48% from the prior quarter while delivering $551M in revenue that beat expectations, driven by cost management efforts and a repositioning toward holistic wellness. Despite platform membership declining 6% year-over-year to 5.9 million, the company's path to profitability is strengthening as evidenced by near-breakeven operating cash flow and a robust holiday season guidance of $665-685M, alongside new product innovations including AI-powered coaching and a redesigned product lineup. Near-term headwinds include a significant recall of 833,000 Bike+ units and continued member attrition, though the market has rewarded recent execution with a 7.8% premarket rally on earnings.

• Net loss improved 48% sequentially from -$92M in Q2 to -$48M in Q3 2025, signaling accelerating progress toward profitability.
• EPS beat analyst expectations by $0.02 at $0.03, and revenue of $551M exceeded the $542.8M consensus estimate.
• Stock declined 23% year-to-date but rallied 7.8% premarket following earnings as forward guidance of $665-685M in holiday quarter revenue exceeded Wall Street consensus of $661M.

Generac GNRC

Philippe Laffont bought $15.15M of Generac in Q1 2025. Q3 2025 results disappointed with revenue down 5% to $1.11 billion and net income plummeting 41.5% to $66 million, primarily due to weak residential demand falling 13% amid below-average outage activity. Commercial & Industrial partially offset with 9% growth, while data center generator backlog doubled signaling future opportunity. Management's flat full-year revenue guidance with adjusted EBITDA margins around 17% suggests the company expects cyclical stabilization.

• EPS declined 40.3% year-over-year; net income fell to $66 million.
• Residential segment contracted 13% to $627 million; C&I grew 9% to $358 million.
• Data center backlog doubled; stock fell ~9% following earnings release.

Trip.com TCOM

Philippe Laffont bought $14.17M of Trip.com in Q1 2025. Trip.com demonstrated strong momentum in Q3 2024 with 16% YoY revenue growth to RMB 15.9B, driven by 22% acceleration in accommodation bookings and 11% growth in transportation revenue. Q3 2025 analyst forecasts project 35.16% EPS growth and 14.71% revenue growth, supported by AI-driven innovations like Trip.Planner and European expansion initiatives that generated over 100% YoY growth in inbound bookings from Asia. At a P/E of 18.9x significantly below industry averages and with RMB 86.9B in cash reserves, the company appears well-positioned in the post-pandemic travel recovery.

• Q3 2024 net revenue grew 16% YoY to RMB 15.9B, with accommodation bookings surging 22%.
• Q3 2025 EPS is forecast to grow 35.16% YoY with revenue growth of 14.71%.
• The stock trades at 18.9x P/E, below industry average, while cash reserves of RMB 86.9B support strategic initiatives.

RingCentral RNG

Philippe Laffont bought $10.19M of RingCentral in Q1 2025. RingCentral delivered solid Q3 2025 results with $638.7 million in revenue beating estimates by 0.29% and achieving 4.9% year-over-year growth, while non-GAAP earnings surged to $1.13 per share (18.9% YoY growth, 5.2% above consensus) and management raised full-year EPS guidance to $4.31. Operating margins expanded significantly by 180 basis points to 22.8% with gross margins improving 70 basis points to 77.6%, driven by strong demand for AI-powered products contributing to $2.63 billion in ARR with 6% year-over-year growth. Forward Q4 guidance disappointed with projected revenue of $638–$646 million falling 3.8% below analyst estimates, while enterprise ARR growth moderated to 3% year-over-year despite sequential momentum in new AI offerings.

• Non-GAAP earnings grew 18.9% year-over-year to $1.13 per share, beating consensus estimate by 5.2%.
• Operating margin expanded 180 basis points year-over-year to 22.8%, with gross margin improving 70 basis points to 77.6%.
• Annual Recurring Revenue increased 6% year-over-year to $2.63 billion, with AI product revenue targeting $100 million ARR by end of 2025.

Lucid LCID

Philippe Laffont bought $7.15M of Lucid in Q1 2025. Lucid delivered strong Q3 2025 operational results, with revenue increasing 68% year-over-year to $336.6 million driven by 4,078 vehicle deliveries, up 47% compared to Q3 2024, while production surged 116% to 3,891 vehicles. The company announced transformative strategic partnerships including a NVIDIA collaboration on Level 4 autonomous driving technology and completion of Uber's $300 million strategic investment, with total available liquidity expanding to approximately $5.5 billion through an increased credit facility from its primary shareholder. These gains position the company favorably for autonomous vehicle development and premium EV production scaling, though ongoing supply chain disruptions remain a near-term headwind.

• Revenue grew 68% year-over-year to $336.6 million in Q3 2025.
• Vehicle deliveries increased 47% year-over-year with 4,078 units delivered in the quarter.
• Production volume surged 116% year-over-year to 3,891 vehicles in Q3 2025.

Plug Power PLUG

Philippe Laffont bought $5.53M of Plug Power in Q1 2025. Unable to provide comprehensive analyst report: The available search results lack essential financial data required for a two-quarter performance analysis, including actual Q1 and Q2 2025 earnings results, EPS figures, revenue trends, margin analysis, and stock price performance metrics. While Q3 2025 earnings are scheduled for announcement on November 10, 2025, and Q2 guidance referenced $140-180 million in revenue, the search results do not contain the historical quarterly comparisons, peer benchmarking, or operational metrics necessary to assess performance trajectory and value drivers.

• Q3 2025 earnings announcement scheduled November 10, 2025 at 4:30 PM ET, providing near-term catalyst for equity movement.
• Q2 2025 revenue guidance projected between $140 million and $180 million, though comparative performance data against prior quarters unavailable.
• Search results lack actual Q1 and Q2 2025 earnings data, limiting ability to calculate EPS trends, margin expansion/compression metrics, or year-over-year growth rates required for institutional analysis.

Mobileye Global MBLY

Philippe Laffont bought $3.26M of Mobileye Global in Q1 2025. Mobileye Global reported strong Q3 2025 results with $504 million in revenue, up 4% year-over-year, and $0.09 EPS meeting analyst expectations, driven by 8% growth in IQ volumes that significantly outpaced the 1% growth in overall vehicle production among top customers. The company demonstrated operational strength with $167 million in Q3 operating cash flow and $489 million YTD (up 150% year-over-year), while raising full-year revenue guidance to $1,845-$1,885 million. Despite these positive fundamentals and a major EyeQ6 design win with a leading Western automaker, the stock declined 10.2% since the earnings announcement, reflecting market concerns about valuation and margin compression.

• Revenue increased 4% YoY to $504 million with IQ volumes growing 8%, significantly outpacing 1% vehicle production growth.
• Operating cash flow surged 150% YoY to $489 million year-to-date, demonstrating strong cash generation despite margin pressures.
• Stock down 10.2% since earnings despite raising full-year revenue guidance by 2% and adjusted operating income guidance by 11%.

Stitch Fix SFIX

Philippe Laffont bought $2.57M of Stitch Fix in Q1 2025. Stitch Fix delivered a meaningful turnaround in Q3 2025 with revenue of $325 million (up 0.7% YoY) and EPS of -$0.06, significantly beating expectations of -$0.11. The company stabilized its client attrition with active clients declining only 0.8% QoQ compared to a 15.5% YoY decline in Q2, driven by strong execution on revenue per client growth and operational efficiency improvements. With a strong balance sheet of $242 million in cash, no debt, and analyst price targets suggesting 35% upside potential, the company appears to be navigating through a challenging macro environment while laying the foundation for sustainable profitability.

• Q3 revenue growth of 0.7% YoY and 4.1% QoQ represents a inflection point after Q2's 5.5% YoY decline, with EPS beating guidance by approximately 45.5%.
• Revenue per active client grew 3.2% YoY to $542 while client attrition rate decelerated significantly from 15.5% YoY to 10.6% YoY, demonstrating improved retention and monetization strategies.
• Operating leverage improving with Adjusted EBITDA of $11 million (3.4% margin) and consensus analyst rating of Hold with 12-month price target of $5.75, implying 35% upside from current levels.

ChargePoint CHPT

Philippe Laffont bought $1.86M of ChargePoint in Q1 2025. ChargePoint delivered $100 million in Q3 2025 revenue, beating guidance despite facing 9.7% YoY revenue decline, highlighting persistent market headwinds that have pressured the stock to 52-week lows. However, the company demonstrated disciplined operational execution with net loss declining 51% YoY and operating expenses reduced 30%, while subscription revenue grew a robust 19% YoY, positioning the business for profitability. The $219.8 million cash position and management's fiscal 2026 non-GAAP Adjusted EBITDA positive guidance suggest the margin expansion strategy is gaining traction despite near-term revenue challenges.

• Revenue contracted 9.7% YoY but beat guidance by $9.83 million with GAAP gross margin of 23%.
• Net loss improved 51% YoY while operating expenses fell 30% to $59 million.
• Subscription revenue grew 19% YoY with $219.8 million in liquidity supporting path to positive EBITDA in fiscal 2026.

Added, Trimmed, and Exited

Added

Philippe Laffont significantly increased positions in Alibaba (+3.6M shares, representing a 2,976% increase in position size), Lam Research (+4.2M shares, doubling the stake), and smaller opportunistic additions to Upstart (+521k shares), Zillow Group (+370k shares), and Hertz Global warrants (+469k).
What it means: The massive Alibaba accumulation signals conviction in Chinese tech's recovery following government stimulus measures and easing regulatory pressures, while the Lam Research double-down represents a strategic bet on semiconductor capital equipment demand as AI infrastructure buildouts continue. The additions to Upstart and Zillow Group suggest tactical positioning in beaten-down growth names that may benefit from interest rate normalization, while the Hertz warrants indicate opportunistic distressed investing. This rotation from mega-cap tech into semiconductors, China exposure, and cyclical recovery plays reflects a pivot toward value and international opportunities.

Trimmed

Coatue materially reduced mega-cap technology positions including Nu Holdings (-24M shares), PayPal (-2.7M shares), Taiwan Semiconductor (-2M shares), Reddit (-1.8M shares), Nvidia (-1.5M shares), Alphabet (-1.2M shares), Adobe (-1.1M shares), AMD (-1M shares), Tesla (-532k shares), and DoorDash (-940k shares), while virtually exiting Chinese e-commerce names KE Holdings (-959k shares, -76% reduction) and JD.com (-527k shares, -83% reduction).
What it means: The systematic trimming of 2024's biggest winners—particularly AI beneficiaries Nvidia, AMD, and Taiwan Semiconductor—alongside high-valuation software and platform businesses represents aggressive profit-taking after extraordinary runs. The near-complete exits from JD.com and KE Holdings while massively adding to Alibaba reveals a deliberate Chinese portfolio consolidation favoring the market leader. The reductions in Reddit, Tesla, PayPal, and DoorDash suggest concerns about valuation sustainability and execution risks in consumer-facing platforms, marking a shift from momentum toward quality and margin of safety.

Exited

Laffont completely liquidated major positions in data center infrastructure leaders Vertiv ($724M) and Vistra ($409M), enterprise software franchises ServiceNow ($392M), HubSpot ($260M), Shopify ($271M), Datadog ($96M), Okta ($99M), and DocuSign ($121M), along with financial services via Charles Schwab ($334M), mobility through Uber ($176M), fintech with Affirm ($160M), semiconductors via Qualcomm ($189M), and work software Monday.com ($69M).
What it means: The complete exits from Vertiv and Vistra—two of 2024's top-performing AI infrastructure plays—alongside premium SaaS assets like ServiceNow, HubSpot, and Shopify that trade at 10-15x sales multiples, signals a fundamental reassessment of valuation risk in last year's momentum winners. Liquidating Qualcomm, Uber, Affirm, and Schwab demonstrates reduced conviction in both smartphone recovery and consumer spending resilience. This wholesale rotation out of high-multiple software, data center infrastructure, and platform businesses into new positions like CoreWeave, Philip Morris, and Chinese tech suggests Coatue is fundamentally repositioning for a new market regime—pivoting from 2024's AI infrastructure beneficiaries toward private AI compute, international opportunities, and companies with stronger near-term cash flow visibility.

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.