Philippe Laffont's Trades and Holdings in Q1 2026

Breaking down the stocks Philippe Laffont (Coatue) bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from Coatue's 13F filed on May 15, 2026.

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.

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Q1 '26 13F filed with SEC

Holdings in Q1 2026

Current Investment Strategy

Philippe Laffont's Coatue Management deployed a concentrated, AI-infrastructure-first growth strategy in Q1 2026, anchoring its public equity book around the full semiconductor and cloud stack — with top holdings in Amazon, Taiwan Semiconductor, Lam Research, Netflix, Nvidia, and First Citizens Bancshares — while initiating new positions in chip-equipment stalwart ASML, data-center REIT Equinix, wireless-chip maker Qualcomm, and genomics firm Natera to broaden exposure across the AI value chain and adjacent secular themes. The Tiger Cub shed more consumer-facing and cyclical names — exiting Tesla, Oracle, DoorDash, Carvana, and AMD — while simultaneously preparing to launch a new long-biased crossover vehicle targeting both public and private AI and technology innovators, signaling a strategic evolution toward lifecycle investing that captures value at every stage of the technology-disruption cycle.

New Investments

Equinix EQIX

Philippe Laffont bought $429.85B of Equinix in Q1 2026. Equinix has maintained solid fundamentals over the last year with TTM EPS of 10.25 and a premium valuation around 82.5x P/E, although the most recent quarter modestly missed expectations with EPS of 4.20 versus a 4.30 consensus (a −2.43% surprise). Over the last two quarters and into the current one, operating momentum appears intact but investors are scrutinizing whether accelerating AI and cloud colocation demand, along with ongoing data-center expansion, can justify the elevated multiple after the slight earnings miss. The stock has continued to trend higher, recently trading near $1,070 per share and holding above prior resistance around $920–950, indicating the market still expects upside from capacity additions, interconnection growth, and AI-driven workloads despite near-term valuation risk.

• Last reported quarterly EPS was 4.20 versus a 4.30 estimate, a −2.43% earnings surprise, while TTM EPS stands at 10.25.
• The stock trades at a TTM P/E of about 82.5x, with a market capitalization of roughly $82.48B.
• Indicated dividend yield is about 2.23%, with the share price recently around $1,070, well above technical support in the $720–730 zone and prior resistance near $920–950.

ASML ASML

Philippe Laffont bought $260.86B of ASML in Q1 2026. Over the last two reported quarters, the company has delivered solid but slightly decelerating results: last quarter revenue was €7.52B (vs. €7.74B expected) and net income €2.12B (down 7.24% QoQ from €2.29B), while EPS of €7.15 beat consensus €6.59 by 8.43%, sustaining gross margins around 51.6%. For the current quarter, consensus expects revenue to re-accelerate to about €9.48B (roughly 25–30% sequential growth), driven by very strong AI-related lithography demand and a healthier overall order book that more than offsets a significant decline in orders from Chinese customers. The share price has roughly doubled—up around 100% over the past year and about 12.6% in the last month—resulting in a market cap near €346B as investors reward its dominant EUV position and AI leverage, despite emerging competition such as a rival startup that has raised over $100M to develop alternative lithography technology.

• Last quarter revenue was €7.52B vs. €7.74B expected, with net income of €2.12B vs. €2.29B in the prior quarter (-7.24% QoQ).
• EPS last quarter was €7.15 vs. €6.59 consensus, an 8.43% positive surprise, with gross margin around 51.6%.
• Next-quarter revenue is expected at roughly €9.48B (~25–30% QoQ growth), while the share price is up about 100% over the last 12 months.

Qualcomm QCOM

Philippe Laffont bought $178.66B of Qualcomm in Q1 2026. Over the past 12 months, Qualcomm has delivered relatively steady fundamentals, with quarterly revenue consistently around $10–11B and trailing-12-month EPS of about $9.19, while the share price has moved toward the top of its $120.80–$205.95 52-week range on rising AI enthusiasm. In the most recent quarter (Q2 2026), revenue increased sequentially from $10.37B to $10.6B and EPS came in at $2.65 versus $2.55 expected (after $2.77 in the prior quarter), suggesting modest top-line acceleration with some margin compression but continued outperformance versus expectations. The launch of new AI data-center accelerators (AI200 and AI250), which drove roughly a 12% move higher in the stock and a Citigroup price-target increase to $175, positions the company to capture incremental AI inference demand and is a key driver of the recent re-rating despite ongoing competitive risks in handset chips.

• Q2 2026 revenue was $10.6B, slightly above the $10.58B consensus and up roughly 2% sequentially from $10.37B.
• Q2 2026 EPS of $2.65 beat estimates of $2.55 (~4% positive surprise) even as it declined from $2.77 in the previous quarter.
• Shares trade around $200–$205, near the 52-week high of $205.95 and roughly 70% above the 52-week low of $120.80, reflecting investor confidence in the new AI accelerator opportunity.

Natera NTRA

Philippe Laffont bought $162.24B of Natera in Q1 2026. Natera has demonstrated accelerating growth momentum heading into Q1 2026, with revenue reaching $696.6 million as the company expands its leadership in genetic testing and cancer diagnostics. The stock has appreciated 31.80% over the past year, recently trading near its 52-week high following robust earnings execution and margin improvement despite sector-wide reimbursement pressures. Operational discipline is driving improved fundamentals, with cost of revenues growing at a slower pace than total revenue, signaling enhanced scalability in their core business model.

• Revenue grew to $696.6 million in Q1 2026, representing significant year-over-year expansion from prior quarters.
• Stock price has surged 31.80% over the past 12 months, outperforming most healthcare sector peers.
• Trading near 52-week high of 256.36 with average daily volume indicating strong institutional interest.

Added, Trimmed, and Exited

Added

Coatue made one notable add to an existing position, roughly doubling its stake in Netflix (NFLX) from approximately 3.1 million shares to 6.2 million shares — a ~104% increase in share count.
What it means: The aggressive doubling of Netflix (NFLX) stands out as a high-conviction move, especially in a quarter where Coatue was broadly reducing exposure across its portfolio. It suggests Philippe Laffont views Netflix as a resilient compounder with durable pricing power and an underpenetrated advertising tier, offering a rare combination of consistent free cash flow and continued subscriber growth. This add may also reflect a deliberate rotation toward cash-generative platform businesses and away from capital-intensive semiconductor and infrastructure plays that had already seen large gains.

Trimmed

Coatue made sweeping and deep cuts across several of its largest positions: Amazon (AMZN) was reduced by ~82%, Taiwan Semiconductor (TSM) by ~83%, Nvidia (NVDA) by ~70%, Lam Research (LRCX) by ~71%, and Nu Holdings (NU) by ~33%.
What it means: The scale of these trims — particularly the near-exit-level reductions in Taiwan Semiconductor (TSM) and Amazon (AMZN), which were previously two of the fund's largest holdings — signals a major portfolio reorientation rather than routine profit-taking. The simultaneous slashing of Nvidia (NVDA) and Lam Research (LRCX) suggests Philippe Laffont is reducing concentrated exposure to the AI semiconductor supply chain after an extraordinary run-up, likely reflecting a view that near-term upside is more limited relative to the risk. The trim in Nu Holdings (NU), while smaller in percentage terms, removes a significant dollar amount from an emerging-market fintech bet. Taken together, these moves suggest Coatue is de-risking from high-multiple, macro-sensitive hardware and infrastructure names in favor of a more selective, software- and platform-tilted book.

Exited

Coatue fully exited eight positions during the quarter: Tesla (TSLA), Oracle (ORCL), DoorDash (DASH), Carvana (CVNA), AMD, Caris Life Sciences (CAI), Adobe (ADBE), and Chime Financial (CHYM).
What it means: The breadth of these exits — spanning EVs, enterprise software, gig economy, auto retail, semiconductors, genomics, creative software, and fintech — points to a deliberate and aggressive pruning of the portfolio rather than a thematic call on any single sector. The exits of Tesla (TSLA) and Carvana (CVNA), both consumer-facing cyclicals with elevated valuations, may reflect caution around discretionary spending and macro durability. Dropping AMD while also deeply cutting Nvidia (NVDA) and Lam Research (LRCX) reinforces the theme of reducing AI chip-cycle exposure broadly. The exits of Adobe (ADBE) and Oracle (ORCL) — both established software franchises — alongside the removal of Chime Financial (CHYM) and Caris Life Sciences (CAI) suggest Philippe Laffont is concentrating the book into fewer, higher-conviction names and freeing up capital for the new positions initiated this quarter.

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.