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 continued its growth-oriented, Tiger Cub-style crossover approach through the first quarter of 2026, running a concentrated bet on AI infrastructure and semiconductor supply chains via top holdings like Taiwan Semiconductor, GE Vernova, Lam Research, Applied Materials and Broadcom, even as the firm's overall 13F portfolio value fell from roughly $40 billion to $30 billion amid heavy repositioning. The fund rotated capital into new stakes such as Equinix, ASML, Visa and Qualcomm while exiting Oracle, Snowflake, Adobe, AMD and Arm Holdings, trimming mega-cap names like Alphabet, Microsoft, Meta and Nvidia, and nearly doubling its stake in Netflix—signaling a tactical shift toward cash-generative platform businesses and away from capital-intensive infrastructure plays that had already delivered outsized gains.

New Investments

Equinix

Philippe Laffont bought $1.07B of Equinix in Q1 2026. Over the last two quarters, Equinix has been gaining momentum, with Q2 2026 revenue reaching $2.625 billion (up 16% year over year) and monthly recurring revenue growing 11%, the third straight quarter of double‑digit MRR growth, driven by accelerating AI infrastructure demand and record interconnection activity. Profitability improved sharply, as Q2 adjusted EBITDA rose to $1.396 billion with a record 53% margin and AFFO per share climbed to $11.78, up about 19–20% year over year and sequentially above Q1 2026’s $10.79. Supported by these trends, management raised its full‑year 2026 and 2027–2029 revenue growth outlook to 11–12% and 10–13% per year, respectively, while the stock price has gained roughly 36–37% over the recent period, underscoring strong fundamentals and investor confidence.

• Q2 2026 revenue was $2.625 billion, up 16% year over year, while net income rose 30% to $479 million and diluted EPS increased 29% to $4.83..
• Q2 2026 adjusted EBITDA reached $1.396 billion with a record 53% margin, and AFFO was $1.168 billion or $11.78 per share, up about 19–20% year over year..
• Annualized gross bookings grew 23% year over year to $424 million, with a record 9,700 net interconnections added and first‑half 2026 operating cash flow of $1.784 billion funding $2.834 billion in capital expenditures..

Asml Hldg Nv

Philippe Laffont bought $655.44M of Asml Hldg Nv in Q1 2026. In the most recent quarter, Q2 2026, the company delivered net sales of €9.3 billion and gross margin of 54.0%, up from Q1’s roughly €8.8 billion and 53.0%, with net income rising from about €2.8 billion to €2.9 billion and EPS from €7.15 to €7.59. This quarter confirms the company is gaining rather than slowing, with revenue up about 21% and EPS up 29% year over year and performance above guidance, driven by strong demand for EUV (including high-NA systems) and higher-than-expected Installed Base Management sales, prompting management to raise 2026 net sales guidance to €43–45 billion and forecast Q3 2026 net sales of €11–12 billion at 55–57% gross margin. Supported by these fundamentals and announced capacity expansion plans for 2027–2028 to meet robust AI-driven logic and memory demand, the shares have appreciated roughly 145% over the past year and about 73% year to date, placing the company among the strongest performers in global semiconductor equipment (analyst inference based on sector norms).

• Q2 2026 net sales €9.3 billion versus Q1 2026 net sales roughly €8.8 billion, with gross margin improving from 53.0% to 54.0%.
• Q2 2026 net income €2.9 billion and basic EPS €7.59, compared with Q1 2026 net income about €2.8 billion and EPS €7.15.
• Management guides 2026 total net sales to €43–45 billion and Q3 2026 net sales to €11–12 billion with expected gross margin of 55–57%.

Visa

Philippe Laffont bought $217.24M of Visa in Q1 2026. The purchase increases exposure to a business that in the latest quarter (Q3 2026) grew net revenue 14% year over year to about $11.6B and delivered EPS of $3.32, beating estimates and extending its streak of quarterly upside surprises, indicating the company is still gaining rather than slowing. Sequentially, revenue and EPS are modestly above the prior quarter’s $11.2B and $3.31, while payments volume grew 9% year over year to roughly $3.7T and processed transactions rose 9% to 66B, underscoring broad-based strength across the network. Over the last 12 months Visa has combined high growth in value-added services (up 34% to about $3.8B in the latest quarter) and rising Visa Direct volumes (transactions up 23% year over year) with strong profitability (pre-tax margin near 59% and gross margin above 80%), while management has pointed to stronger-than-expected demand for its network and marketing services and similar strength ahead, and the stock has moved from a late-June close of roughly $336 to the high-$350s/$360s, reflecting investor confidence in its fundamentals and potential for further value creation.

• Latest quarter (Q3 2026) revenue $11.6B, up 14% year over year, with EPS $3.32 beating estimates by about 3%..
• Prior quarter (Q2 2026) net revenue $11.2B, up roughly 17% year over year, with EPS $3.31 and payments volume around $3.7T growing 9%..
• Value-added services revenue about $3.8B, up 34% year over year, Visa Direct transactions up 23%, and pre-tax profit of $6.83B implies a margin near 59%..

Qualcomm

Philippe Laffont bought $178.66M of Qualcomm in Q1 2026. Over the last two quarters, Qualcomm has delivered resilient but slightly declining top-line performance, with fiscal Q2 2026 revenue of $10.6B (‑3% YoY) followed by fiscal Q3 revenue around $9.9B, while consistently beating or meeting non‑GAAP EPS expectations at $2.65 then $2.21. The current quarter shows a modest sequential slowdown driven by softer handset demand and industry‑wide memory cost pressures, but record automotive and strong IoT growth are lifting the quality of earnings even as gross margins dip slightly below the targeted 48–50% range and management offers cautious guidance for next quarter EPS of $2.05–2.25 on $9.7–10.5B revenue. From a valuation perspective, recent catalysts—including a hyperscaler data‑center silicon partnership, improving China orders, combined automotive/IoT revenue growth of 20% YoY, and a new $20B share‑repurchase authorization on top of $5.4B already executed—support the case that the stock’s medium‑term upside is more tied to diversification and capital returns than near‑term handset cycles.

• Fiscal Q2 2026 revenue $10.6B (‑3% YoY), with QCT at $9.1B (‑4% YoY) and QTL licensing at $1.4B (+5% YoY)..
• Non‑GAAP EPS was $2.65 in fiscal Q2 versus guidance of about $2.55–2.56, and $2.21 in fiscal Q3 within the guided $2.05–2.25 range, implying roughly a 17% sequential EPS decline..
• Combined automotive and IoT QCT revenues grew 20% YoY in fiscal Q2 2026, with record automotive revenue, while the company executed $5.4B of share repurchases in the first half and authorized an additional $20B buyback..

Solstice Advanced Matls Inc

Philippe Laffont bought $126.01M of Solstice Advanced Matls Inc in Q1 2026. The company is clearly gaining momentum in the current quarter, with Q2 2026 net sales rising 11% year-over-year to $1.148 billion and GAAP EPS up about 23% to $0.75, driven by robust demand across nuclear, electronic materials, refrigerants and healthcare packaging. Versus Q1 2026, revenue grew roughly 16% (from $992 million to $1.148 billion) and net income climbed about 40% (from $85 million to $119 million), marking an inflection in earnings relative to chemicals peers whose profits have contracted around 4% annually. Over the last 12 months the shares have returned about 15.9% versus the S&P 500’s 21.3%, but trailing ROE of roughly 17%, normalized P/E near 34x and a Q2 earnings beat, raised full‑year 2026 guidance and the announced Element Solutions acquisition underpin a premium valuation with incremental catalysts for further value creation.

• Q2 2026 net sales grew 11% year-over-year to $1.148 billion, with organic net sales growth also around 11% and adjusted EBITDA of $290 million at a 25.3% margin..
• Adjusted diluted EPS in Q2 was $0.88, beating consensus by about 3.5%, while GAAP EPS increased to $0.75 from $0.61 a year ago (roughly 23% growth)..
• Shares have returned about 26–28% year-to-date but are down roughly 22% over the last three months, with trailing 12‑month EPS around $1.31 and a normalized P/E near 34x versus an industry benchmark around 13x..

Enphase Energy

Philippe Laffont bought $62.31M of Enphase Energy in Q1 2026. Over the last year, revenue has contracted from a peak of around $410.4 million in Q3 2025 to $291.9 million in Q2 2026, but the current quarter shows early stabilization with 3% sequential growth, materially better margins, and a return to GAAP profitability. In Q2 2026, non-GAAP gross margin expanded from 43.9% in Q1 2026 to 46.8% and GAAP gross margin reached 60.0% aided by about $45.4 million in tariff refunds, while non-GAAP EPS of $0.46 was broadly flat versus roughly $0.47 in Q1 as 35% growth in European revenue and higher battery MWh shipments offset a 3% decline in U.S. revenue. After a pronounced demand downturn that drove roughly 20% year-over-year revenue decline versus Q2 2025, the combination of tariff relief, growing European penetration, stronger battery attach rates, and positive free cash flow in the current quarter has helped the stock rebound about 2.3% in post-earnings trading and could underpin further value recovery if rooftop solar demand continues to normalize.

• Q2 2026 revenue was $291.9 million, up 3% from Q1 2026 but down roughly 19–20% year-over-year versus the $363.2 million reported in Q2 2025..
• Non-GAAP gross margin improved from 43.9% in Q1 2026 to 46.8% in Q2 2026, while GAAP gross margin reached 60.0% boosted by approximately $45.4 million of tariff refunds..
• Q2 2026 non-GAAP diluted EPS was $0.46 versus roughly $0.47 in Q1 2026, and the company generated $25.9 million in free cash flow on $40.3 million of operating cash flow in the quarter..

Micron

Philippe Laffont bought $56.06M of Micron in Q1 2026. Over the last year, Micron has shifted from a cyclical downturn into a high-growth AI memory leader, with revenue climbing from $9.30 billion in the year-ago third quarter to a record $41.46 billion in fiscal Q3 2026 and gross margin expanding from 39% to 84.9%, well ahead of typical memory-industry levels and signaling clear share and pricing gains. Momentum has accelerated over the last two quarters: fiscal Q2 2026 revenue rose to $23.86 billion with non-GAAP EPS of $12.20, followed by fiscal Q3 2026 revenue of $41.46 billion and non-GAAP EPS of $25.11, both meaningfully above Street expectations and driving a roughly 15% post-earnings move in the stock as investors repriced its earnings power. For the current quarter, management is guiding to around $50 billion of revenue, underpinned by tight DRAM/NAND supply, record DRAM revenue of $31.3 billion, record NAND revenue of $9.9 billion, and surging AI server demand, leaving Micron positioned as a primary beneficiary of the AI memory cycle versus broader semiconductor peers.

• Fiscal Q3 2026 revenue of $41.46 billion was up 74% sequentially and 346% year over year, marking Micron’s fifth straight quarterly sales record..
• Non-GAAP EPS increased from $12.20 in fiscal Q2 2026 to $25.11 in fiscal Q3 2026, more than 100% sequential growth and up from $1.91 a year earlier..
• Non-GAAP gross margin expanded from 74.9% in fiscal Q2 2026 to a record 84.9% in fiscal Q3 2026, compared with 39% in the year-ago quarter, reflecting significant pricing power in DRAM and NAND..

Arbor Realty Trust

Philippe Laffont bought $32.36M of Arbor Realty Trust in Q1 2026. Over the last 12 months, Arbor Realty Trust’s earnings have declined at an average rate of 9.1% per year versus about 1.7% for the mortgage REITs industry, and its share price is down roughly 34.6%, despite relatively stable revenues growing about 0.3% annually. After a weak Q1 2026 in which EPS came in at roughly $0.07 versus a $0.16 consensus, Q2 2026 showed some operational improvement with adjusted EPS near $0.10 beating estimates and revenue around $115.9 million (≈11% year‑over‑year decline), but heavy credit provisions and REO impairments on legacy loans still drove a GAAP net loss of $37.3 million or −$0.20 per share. To address these pressures, management cut the common dividend from $0.30 to $0.17 per share, expects distributable EPS of about $0.15–$0.17 over the next few quarters, and has raised roughly $500 million of liquidity to repurchase stock at about half of book value and redeem higher‑cost debt—actions that could support a recovery in valuation once the legacy portfolio is worked through.

• Q2 2026 distributable earnings per share $0.10 (or $0.15 excluding $9.6 million of realized losses) versus a $0.17 dividend, leaving a coverage gap of $0.02–$0.07 per share..
• Q2 2026 GAAP net loss $37.3 million (Q2 2025 GAAP net income $24.0 million) and distributable earnings $21.7 million compared with $52.1 million a year earlier..
• Management guidance for distributable EPS of roughly $0.15–$0.17 over the next 2–3 quarters alongside approximately $500 million of new liquidity earmarked for share repurchases and debt redemption..

The Trade Desk

Philippe Laffont bought $31.47M of The Trade Desk in Q1 2026. Over the last two quarters, the company has shifted from 11.8% year-on-year revenue growth in Q1 2026 to just 3% in Q2, with the current quarter delivering revenue of $715M that missed expectations and came alongside weaker forward guidance despite sustained profitability. Q2 2026 showed a GAAP profit margin of roughly 13.6% and strong adjusted EPS of $0.34 (well above consensus), but earnings were still down 28.6% year-on-year, while trailing-twelve-month revenue has risen about 11.6% and customer retention remains above 95%, pointing to a durable franchise facing cyclical and execution headwinds. Despite these solid underlying metrics, the stock is down roughly 64.5% year-to-date and 74.7% over the last 12 months versus the S&P 500 up 13.2% and 20.2%, as investors react to the Q2 revenue miss, softer demand in verticals like CPG and autos, weaker near-term guidance, and subsequent analyst downgrades and price-target cuts.

• Q2 2026 revenue was $715M, up 3% year-on-year but roughly 5% below consensus expectations..
• Q1 2026 revenue grew 11.8% year-on-year to $688.9M, while adjusted EPS of $0.28 came in 12.4% below analyst estimates..
• The shares have declined about 64.5% year-to-date and 74.7% over the past 12 months, compared with the S&P 500 up roughly 13.2% and 20.2% over the same periods..

Novavax

Philippe Laffont bought $31.23M of Novavax in Q1 2026. Over the last 12 months, results have swung from a profitable Q4 2025 (revenue $147.1 million, GAAP EPS $0.11) to a modestly loss-making Q1 2026 (revenue $139.5 million, net loss $9.5 million). In the current quarter, Q2 2026, total revenue dropped sharply to $57 million and net loss widened to $53 million as last year’s $202 million milestone and amendment payments rolled off, yet product sales climbed 76% year over year to $19 million and adjusted EPS of -$0.32 beat forecasts. Management lifted full-year 2026 revenue guidance to $235–$275 million, highlighted rising Matrix-M demand and strong cash of about $743 million, and announced progress with partners including Sanofi and Pfizer, which together with consistent earnings beats could support a recovery in valuation versus vaccine peers despite ongoing COVID demand headwinds.

• Trailing 12-month revenue peaked at $147.1 million in Q4 2025, slipped to $139.5 million in Q1 2026, then fell to $57 million in Q2 2026 (approximate sequential declines of 5% and 59% respectively)..
• Q2 2026 product sales were $19 million, up 76% year over year, while total revenue declined 76% year over year due to the loss of roughly $202 million in prior-year milestone and amendment revenue..
• Q2 2026 adjusted EPS of -$0.32 beat consensus (around -$0.38 to -$0.40) by roughly 20%, and revenue of $56.7–$57 million topped estimates of about $52–$52.5 million by roughly 9–10%; full-year 2026 revenue guidance was raised to $235–$275 million..

Pinterest

Philippe Laffont bought $30.79M of Pinterest in Q1 2026. Over the last 12 months, the stock has declined about 33.6% and is down roughly 8.3% year-to-date, modestly lagging the S&P 500 where Pinterest has underperformed by about 1 percentage point since Q2 2026. Fundamentals have strengthened in the past two quarters: Q1 2026 revenue reached $1.01B with EPS of $0.27, and Q2 2026 accelerated to $1.18B revenue (up 18% year over year) and EPS of $0.43, both comfortably ahead of consensus. Despite record global monthly active users of 640M (+11% YoY), adjusted EBITDA of $311M, and free cash flow of $270M, shares sold off about 7–9% after Q2 results on lukewarm sales guidance, creating a scenario where continued user and monetization growth could drive a valuation re-rating if execution remains solid.

• Q2 2026 revenue grew 18% year over year to $1.18B, with non-GAAP EPS of $0.43 beating the $0.36 consensus by about 20%..
• Q1 2026 delivered revenue of $1.01B and EPS of $0.27, versus estimates of $0.97B–$0.98B and $0.22 respectively, for an EPS surprise of roughly 24.7%..
• Global MAUs reached an all-time high of 640M (+11% YoY) in Q2 2026, with adjusted EBITDA of $311M and free cash flow of $270M highlighting improving profitability at scale..

Zillow

Philippe Laffont bought $30.61M of Zillow in Q1 2026. The purchase adds exposure to a leading online real estate platform that has shown improving fundamentals over the last 12 months, with total revenue up about 15.5% year over year and EPS up roughly 118.9%, even though the share price is down around 47.3% year to date amid housing-market and rate volatility. Operationally, the company is gaining rather than declining: revenue stepped up from $708M in Q1 2026 to $772M in Q2 2026 (about 9% sequential growth and 17.9% year over year), while adjusted EPS of $0.53 and $0.52 respectively beat consensus in both quarters as the business captured share in a purchase mortgage market that was roughly flat. Looking ahead from the current quarter, we see upside potential driven by strong growth in For Sale revenue (up 14% year over year), rapidly scaling Mortgages (revenue up 75%, purchase loan volume up 95% to $2.2B), and the ongoing shift to a preferred agent model and post-restructuring cost structure, which could support higher margins and valuation once one-off impairment and litigation charges subside.

• Q2 2026 revenue was $772M, up 17.9% year over year and about 9.0% sequentially, with For Sale revenue up 14% and Mortgages revenue up 75% year over year..
• Adjusted EPS was $0.52 in Q2 2026 versus $0.40 in the prior-year quarter (roughly 30%+ growth), beating the $0.45 consensus by about 15%, while Q1 2026 EPS was $0.53 versus a $0.46 estimate (surprise of ~15.5%)..
• Shares are down about 47.3% year to date from $68.22 to roughly $35.9 and about 58% over the past year, even as total revenue over the last 12 months has grown by around 15.5%..

UiPath

Philippe Laffont bought $25.19M of UiPath in Q1 2026. Over the last twelve months, UiPath’s share price is up about 45.9%, significantly outperforming its broader software/automation sector and the S&P 500, although year-to-date returns remain modestly negative. In the most recent quarter (Q1 FY27, quarter ended April 30, 2026), revenue grew 17.3% year over year to roughly $418M and EPS printed at $0.15, broadly in line with consensus, indicating the company is still gaining momentum as demand for its AI-driven automation platform and agentic workflows scales. Over the last two quarters, the fundamental trend has been one of improvement—marked by a revenue beat versus expectations and strong share-price momentum of roughly 30–32% over the past month—while upcoming earnings on September 3 and continued product updates around AI agents are key near-term catalysts that could further support valuation.

• Q1 FY27 revenue was approximately $418.4M, up 17.3% year over year and above the roughly $397.5M consensus revenue estimate. .
• Q1 FY27 EPS came in at $0.15, with sources indicating results were roughly in line with forecasts in the $0.13–0.16 range. .
• The share price is up about 31.66% over the past month and roughly 45.89% over the last year, while year-to-date performance is still slightly negative at around 7–7.5%. .

Upstart

Philippe Laffont bought $22.34M of Upstart in Q1 2026. The company’s AI-driven consumer lending platform has delivered strong fundamental momentum over the last year, with Q2 CY2026 revenue rising ~42% year over year to about $365 million and loan originations up 50% to $4.2 billion, even as the stock is down roughly 52.9% over the last 12 months, indicating substantial underperformance versus the broader market. Over the last two quarters, performance has clearly inflected upward, as the current quarter’s revenue base is more than 40% above Q2 CY2025’s $257.3 million (which itself grew 102% year over year) and management commentary highlights GAAP profitability returning alongside an accelerating core personal loan segment, which grew 27% sequentially and more than 3.5x the growth of the prior three quarters combined. Near term, the stock remains volatile—Q2 CY2026 adjusted EPS of $0.16 missed consensus by $0.02 and short interest is about 27%—but repeated revenue beats over the last year and a Q2 post-earnings share-price jump of roughly 11% suggest that strong execution in the current quarter, particularly in personal loans and partner-driven originations, can be a catalyst for further value appreciation if credit and funding conditions remain supportive.

• Q2 CY2026 revenue of $364.7–$365 million grew 41.7–42% year over year and beat consensus by roughly 2–3%..
• Q2 CY2026 loan originations increased 50% year over year to about $4.2 billion across 558,000 loans, with core personal loans up 27% sequentially..
• Shares are down about 52.9% over the last 12 months but up roughly 25% over the past three months, and short interest is near 27%, creating leverage to positive quarterly surprises..

RingCentral

Philippe Laffont bought $15.3M of RingCentral in Q1 2026. Over the last two quarters, revenue growth has been steady but modest, with Q1 billings around $632M and Q2 2026 revenue up 5.9% year-over-year to $657M and subscriptions revenue up 5.8% to $634M, while EPS and margins have inflected meaningfully higher, indicating the business is gaining rather than slipping. Profitability has strengthened sharply, with non-GAAP EPS up 15.1% year-over-year to $1.22, GAAP EPS rising to $0.45 from $0.14, and GAAP operating margin expanding to about 7.7%, which materially improves the company’s fundamentals even as revenue growth remains mid-single-digit compared with faster-growing cloud communications peers (inference based on industry norms). Despite a roughly -7.4% 1-year share price return, the stock has re-rated on the latest print—jumping about 25–27% and gaining around 49.5% over the past month—after Q2 results beat expectations, full-year guidance was raised, AI-driven products were highlighted, and the dividend was increased, all catalysts that support further value appreciation if execution continues.

• Q2 2026 total revenue rose 5.9% year-over-year to $657M, with subscriptions revenue up 5.8% to $634M and ARR reaching $2.76B with >99% net subscription dollar retention..
• Non-GAAP EPS increased 15.1% year-over-year to $1.22, beating consensus by about 4%, while GAAP EPS climbed to $0.45 from $0.14 and operating margin reached roughly 7.7% (+170 bps year-over-year)..
• The stock is up roughly 25–27% since the Q2 beat and about 49.5% over the last month, although the 1-year return is still around -7.4%..

Peloton

Philippe Laffont bought $10.72M of Peloton in Q1 2026. Over the last two quarters, Peloton’s fundamentals have improved, with Q4 FY2026 revenue of about $607.7 million and EPS of $0.13 modestly above expectations and slightly higher than a year ago, following a strong Q3 FY2026 where revenue reached roughly $631 million and the company returned to quarterly profitability. Profitability is now clearly gaining traction: Q3 adjusted EBITDA rose to $126 million (up 41% year-over-year) and free cash flow to $151 million (up 59% YoY), while FY2026 net income climbed to about $63 million and operating income to approximately $161 million, leaving the balance sheet with around $1.13 billion in cash and ~70% lower net debt. Strategically, the company is positioning for longer-term value through leadership changes (including a new CFO and content chief), expansion into commercial gyms and hardware refreshes, yet the market remains skeptical as tepid top-line growth and cautious demand guidance have driven sharp share pullbacks around the February outlook reset and the latest Q4 release.

• Q4 FY2026 EPS of $0.13 beat consensus by $0.02, on revenue of about $607.7 million, up roughly 0.1% year-over-year and above estimates by around $11 million..
• Q3 FY2026 gross margin expanded to 51.9%, up 90 basis points year-over-year, with gross profit of $327 million and adjusted EBITDA of $126 million (up 41% YoY)..
• FY2026 net income reached about $63 million and operating income approximately $161 million, with management highlighting a ~70% reduction in net debt and cash of roughly $1.13 billion exiting Q3..

Plug Pwr Inc

Philippe Laffont bought $5.75M of Plug Pwr Inc in Q1 2026. Over the last two quarters, Plug Power has shifted from steep losses toward improving unit economics: Q2 2026 revenue rose to $178.3M (up 9% q/q from $163.5M in Q1 and 2.5% y/y) and adjusted EPS narrowed to -$0.07, beating expectations. Q2 also saw gross margin improve from roughly -31% in Q2 2025 to near breakeven at -0.9%, operating expenses cut about 50% y/y to ~$62M, and net loss shrink to about $188M (vs $245M in Q1), helped by cost reductions and one-time gains on contract disputes and asset recoveries. With operating cash outflow easing (H1 2026 $244M vs $297M prior year), full-year revenue growth guidance raised to 15–16% and management targeting positive EBITDA by Q4 2026, the company appears to be gaining fundamental traction, although the stock’s recent -39% three-month decline underscores ongoing volatility despite a roughly 35–39% gain over the past year relative to the S&P 500’s ~20–21%.

• Q2 2026 revenue rose to $178.3M, up 9% sequentially and 2.5% year over year, beating consensus by about 5–6%..
• Adjusted EPS came in at -$0.07 vs an expected -$0.08 in Q2 2026, while GAAP net loss narrowed to roughly $188M from about $227M a year earlier..
• Operating cash outflow for the first half of 2026 declined to $244.1M from $297.4M, and management now guides full-year revenue growth of 15–16% with positive EBITDA targeted in Q4 2026..

Lucid

Philippe Laffont bought $2.82M of Lucid in Q1 2026. Over the last two quarters, Lucid has accelerated top-line growth, with Q1 2026 revenue of $282.5 million and Q2 2026 revenue climbing 44% sequentially to about $405 million (up 56% year over year), and over the longer term revenues have grown at an average 43.7% per year while earnings have declined 2.1% annually versus the Auto industry's 13% earnings decline. Operational metrics are improving—Q2 vehicle deliveries rose 28% quarter over quarter to 3,953 units while production was intentionally cut 13% to 4,774 units to reduce inventory and preserve cash—but profitability deteriorated, with a Q2 net loss of roughly $1.03 billion, adjusted EBITDA of about -$901 million, gross margin near -105%, and free cash flow around -$1.48 billion. The current quarter reflects an 'operational reset' with inventory write-downs of about $299.7 million and workforce reduction charges of roughly $33.7 million, leaving liquidity at about $3.0 billion and an expected runway into 2027—if these restructuring actions translate into lower cash burn while deliveries and revenue continue to scale, the setup could be supportive of long-term value despite near-term earnings pressure.

• Q2 2026 revenue increased 44% sequentially and 56% year over year to about $405 million versus Q1 2026 revenue of $282.5 million..
• Q2 2026 vehicle deliveries rose 28% quarter over quarter to 3,953 units, while production fell 13% to 4,774 units from 5,500 units in Q1 2026 as management deliberately reduced output..
• Q2 2026 net loss widened to approximately $1.03 billion with adjusted EBITDA around -$901 million, contributing to a first-half 2026 net loss of about $2.06 billion despite liquidity of roughly $3.0 billion..

Olaplex

Philippe Laffont bought $2.57M of Olaplex in Q1 2026. Over the last twelve months, the company’s fundamentals have deteriorated versus the prior year, with fiscal 2025 net sales essentially flat at $423M (+0.1% YoY) and profitability swinging from $19.5M net income in 2024 to a $9.3M net loss, contributing to a share‑price decline of about 16.5% after its softer 2026 outlook. However, recent quarters show early signs of stabilization: Q4 2025 net sales grew 4.3% to $105.1M, with adjusted gross margin improving to roughly 70.6% even though the company still reported a $13.1M net loss. In the current quarter (Q1 2026), revenue of about $99.4M was up 2.5% year over year and beat expectations by roughly 6%, GAAP net loss narrowed to around $5.3M (vs. $13.1M in Q4), and reported EPS of $0.02 came in above the $0.01 consensus, supported by low‑teens growth in professional and DTC sales despite continued double‑digit declines in specialty retail—an improving trend that, if sustained, could be a catalyst for a re‑rating from current depressed levels.

• Fiscal 2025 net sales $423M, up 0.1% YoY, with net income falling from $19.5M to a $9.3M net loss..
• Q4 2025 revenue $105.1M (+4.3% YoY), adjusted gross margin about 70.6%, and net loss $13.1M..
• Q1 2026 revenue approximately $99.4M (+2.5% YoY, ~6% above estimates), GAAP net loss around $5.3M, operating cash flow $7.5M, and EPS $0.02 vs. $0.01 consensus..

Added, Trimmed, and Exited

Added

Coatue added to two existing positions this quarter: TSMC shares rose from 8,629,524 to 9,283,547 (+654,023 shares, +7.6%), with position value climbing from $2.62B to $3.14B (+19.6%), and Sprouts Farmers Market shares roughly doubled from 601,886 to 1,203,773, with value nearly doubling from $47.95M to $92.85M (+93.6%).
What it means: These two additions stand out against an otherwise heavy quarter of selling, suggesting Laffont sees continued upside in TSMC's leadership in advanced semiconductor manufacturing (a direct AI infrastructure beneficiary) and a smaller, higher-conviction bet on Sprouts Farmers Market's consumer/retail momentum. The contrast with the broad trimming elsewhere implies these are being treated as relative safe havens or continued-growth stories rather than part of the broader de-risking taking place across the mega-cap tech book.

Trimmed

Coatue meaningfully cut a large swath of existing mega-cap and growth positions, including Microsoft (-2,691,959 shares, value down from $2.50B to $918.0M, -63.3%), Meta (-969,893 shares, -35.6%), Alphabet (-2,528,010 shares, -42.1%), Amazon (-2,001,499 shares, -28.0%), NVIDIA (-2,871,718 shares, -35.7%), Tesla (-1,582,568 shares, -97.0%), Netflix (-3,967,795 shares, -34.9%), DoorDash (-3,813,557 shares, -91.6%), Reddit (-2,760,350 shares, -70.6%), Carvana (-1,277,229 shares, -74.1%), Constellation Energy (-1,274,699 shares, -38.0%), Spotify (-1,129,967 shares, -55.0%), AppLovin (-895,739 shares, -65.1%), Synopsys (-894,729 shares, -61.2%), and Nu Holdings (-16,416,787 shares, -45.0%), while GE Vernova and Applied Materials saw share counts trimmed even as values rose modestly on price appreciation.
What it means: This is a sweeping, broad-based reduction across nearly the entire portfolio's mega-cap tech, consumer internet, and AI-adjacent holdings, with some cuts (Tesla, DoorDash, Carvana, Reddit) approaching near-full exits in size. The magnitude and breadth suggest a deliberate portfolio-wide de-risking or profit-taking after a strong run in growth and AI-linked names, likely freeing up capital for the fund's new high-conviction bets (Equinix, ASML, Visa, Qualcomm, Micron) and reflecting a rotation toward AI infrastructure and semiconductor supply-chain plays over software/consumer internet exposure.

Exited

Coatue fully liquidated sixteen positions this quarter, most notably Oracle ($865.4M), Snowflake ($544.2M), Adobe ($305.9M), AMD ($265.4M), Arm Holdings ($251.4M), Marvell Technology ($176.7M), Rocket Companies ($130.6M), Axon ($88.2M), Infosys Ltd ($81.5M), Expeditors ($54.5M), Chagee Hldgs Ltd ($36.9M), S&P Global ($33.2M), Moodys ($32.8M), Navan Inc ($10.2M), Moderna ($5.9M), and Webull Corp ($0.6M).
What it means: The sheer number and dollar value of complete exits (over $2.8B combined) signals a major portfolio reshuffling rather than routine trimming. Notably, several enterprise software and semiconductor names (Oracle, Snowflake, Adobe, AMD, Arm Holdings, Marvell Technology) were fully exited even as capital was redeployed into other AI infrastructure and semiconductor plays like Micron, ASML, and Qualcomm, suggesting Coatue is narrowing its AI/semiconductor exposure to what it views as the highest-conviction winners rather than a broad basket approach, while also stepping away entirely from ratings agencies (S&P Global, Moodys) and several smaller speculative or newly public names.

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.