Philippe Laffont's Trades and Holdings in Q2 2025

Breaking down the stocks Philippe Laffont (Coatue) bought, sold, and held in Q2 2025, including their holdings at the end of the quarter. All data sourced from Coatue's 13F filed on August 14, 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.

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Coatue on X
Philippe Laffont on X
Q2 '25 13F filed with SEC

Holdings in Q2 2025

Current Investment Strategy

Philippe Laffont's Coatue Management doubled down on AI infrastructure and cloud computing in Q2 2025, initiating major positions in Oracle and Arm Holdings while substantially increasing stakes in AI data center play CoreWeave (its largest holding at 8.1% of the portfolio), Nvidia, Broadcom, and Microsoft, while exiting Super Micro Computer and cutting exposure to AMD and Alibaba. The $35.9 billion concentrated portfolio reflects Laffont's crossover growth strategy focused on technology disruption and secular AI trends, with top holdings also including consumer digital platforms Netflix, Alphabet, Pinterest, Zillow, and speculative bets on Upstart, QuantumScape, Novavax, and Peloton alongside enterprise software plays like RingCentral and Skyworks.

New Investments

Oracle ORCL

Philippe Laffont bought $843.31M of Oracle in Q2 2025. Oracle is accelerating its cloud-driven growth engine, with cloud revenue expanding 28% year-over-year in Q1 FY26 to bolster total quarterly revenues to $14.9 billion, up 12% year-over-year. Remaining performance obligations of $130 billion—up 62% year-over-year with cloud-related RPO growing over 90%—provide strong multi-year revenue visibility, supporting management's 15% revenue growth guidance for FY 2026. Strategic investments in AI infrastructure and the pending Stargate partnership position Oracle for sustained momentum, though the significant increase in data center capital expenditure reflects near-term execution risks.

• GAAP earnings per share grew 20% year-over-year to $1.02 in Q3 FY25, with cloud revenue accelerating to 28% year-over-year growth in the most recent quarter.
• Oracle Cloud Infrastructure revenue surged 49% year-over-year to $2.7 billion in Q3, while total cloud services reached $6.2 billion with 23% year-over-year expansion.
• Remaining performance obligations jumped 62% year-over-year to $130 billion following $48 billion in signed contracts during Q3, providing exceptional revenue visibility for fiscal 2026.

Arm Holdings ARM

Philippe Laffont bought $749.41M of Arm Holdings in Q2 2025. Arm Holdings delivered exceptional results in Q2 2026, with revenue surging 34% to $1.14 billion and beating analyst expectations, driven by accelerating demand for AI computing platforms and robust licensing royalties. Full-year 2024 fundamentals underpin this momentum, with earnings climbing 158.82% to $792 million on 23.94% revenue growth to $4.01 billion. Analyst consensus reflects confidence in sustained growth, with 25 analysts maintaining strong buy ratings and a $177.17 price target representing 11.96% upside.

• Q2 2026 revenue grew 34% to $1.14 billion, exceeding forecasts of $1.06 billion, with adjusted EPS of $0.39.
• Full-year 2024 earnings surged 158.82% to $792 million with revenue growth of 23.94% to $4.01 billion.
• China operations represent 22% of quarterly revenue with forward P/E of 80.71, positioning the company for sustained high-margin growth.

Chime Financial CHYM

Philippe Laffont bought $373.47M of Chime Financial in Q2 2025. Chime Financial delivered a strong quarter with earnings that exceeded consensus expectations and accelerated strategic initiatives including the ChimeCore migration, driving an investor-welcomed 7.36% stock surge in aftermarket trading. The company achieved an EPS of -$0.15, beating the consensus estimate of -$0.25 by 40%, while expanding its active user base to 9.1 million members, up 21% year-over-year. With raised full-year guidance to $2.163-$2.173 billion in revenue and the announcement of a $200 million share repurchase program, management is signaling confidence in the company's trajectory toward profitability.

• EPS beat consensus by 40%, reporting -$0.15 versus estimated -$0.25; revenue of $543.52 million exceeded consensus estimate by 2.53%.
• Active members surged 21% year-over-year to 9.1 million and adjusted EBITDA margin improved by 9 percentage points.
• Company announced $200 million share repurchase program and raised full-year revenue guidance to $2.163-$2.173 billion, with gross margins expected to reach close to 90% in Q4.

Caris Life Sciences CAI

Philippe Laffont bought $271M of Caris Life Sciences in Q2 2025. Caris Life Sciences delivered exceptional Q3 2025 results with total revenue surging 113.4% year-over-year to $216.8 million, significantly outpacing the precision oncology market and demonstrating substantial operational leverage. Net income surged 135.9% while gross margins expanded dramatically by 2,432 basis points to 68%, reflecting improved pricing power and operational efficiency in its core molecular profiling services. The company raised its full-year 2025 revenue guidance to $720-730 million (75-77% growth), indicating sustained momentum driven by increased clinical case volumes and higher average selling prices.

• Q3 2025 revenue increased 113.4% year-over-year to $216.8 million, with molecular profiling services revenue up 121%.
• Net income grew 135.9% to $24.3 million in Q3 2025, while gross margin expanded 2,432 basis points to 68%.
• Full-year 2025 revenue guidance raised to $720-730 million representing 75-77% year-over-year growth with positive free cash flow of $55.3 million.

Hinge Health HNGE

Philippe Laffont bought $243.34M of Hinge Health in Q2 2025. Hinge Health demonstrated strong momentum in Q3 2025 with 53% year-over-year revenue growth to $154.2 million, driven by expansion of its AI-powered musculoskeletal care platform to over 1.5 million lifetime members. The company achieved a critical inflection point operationally, with non-GAAP operating income of $30.4 million compared to a $3.7 million loss in Q3 2024, while maintaining healthy gross margins at 82-83%. The exceptional free cash flow generation of $81.3 million—nearly triple the prior year quarter—combined with a robust cash position of $496.9 million and deferred revenue of $299.7 million, positions the company for sustained growth and reinforces its path toward profitability.

• Revenue surged 53% year-over-year to $154.2 million in Q3 2025, with gross margins expanding to 82% versus 79% in Q3 2024.
• Free cash flow tripled to $81.3 million from $27.5 million in Q3 2024, while non-GAAP operating income swung to positive $30.4 million from a loss.
• Lifetime members exceeded 1.5 million with operating cash flow of $82.4 million in Q3 2025, more than 2.9x the prior year period.

Chagee CHA

Philippe Laffont bought $161.21M of Chagee in Q2 2025. Chagee demonstrated mixed results in the most recent quarter, with 10.5% revenue growth offset by significant profitability challenges, as Q2 EPS of 0.36 fell 88.83% below expectations. The company's P/E ratio of 12.94 remains attractive relative to consumer staples peers, though margin pressures from intensifying domestic competition and elevated share-based compensation are evident. International expansion efforts, including entry into the U.S. market, and recent award recognition position the company for potential long-term value despite near-term operational headwinds.

• Q2 revenue of 3.33B CNY grew 10.5% sequentially but missed analyst estimates; full-year 2024 revenue of 12.41B CNY surged 167.35% year-over-year.
• EPS significantly underperformed with Q2 earnings of 0.36 missing estimates by 88.83%; forward P/E of 9.07 versus current P/E of 12.94 indicates market expectations for margin recovery.
• Analyst consensus rates the stock 'Moderate Buy' with 4 buy, 1 hold, and 1 sell rating; consensus price target of $36.44 implies 110.15% upside from current levels.

Webull BULL

Philippe Laffont bought $136.92M of Webull in Q2 2025. The company demonstrated exceptional operational momentum in Q2 2025, delivering 46% revenue growth to $131.5 million and expanding customer assets 64% to all-time highs, with trading revenue surging 63% year-over-year. However, the stock has significantly underperformed, declining 16.11% over the past 12 months and reaching 52-week lows at $9.38, creating a notable disconnect between strong fundamentals and depressed valuation. Recent analyst initiations with Buy ratings and average price targets of $18.50 (representing 92% upside) suggest institutional recognition of this opportunity, particularly as the company expands its crypto futures offerings through a Coinbase partnership and approaches Q3 earnings on November 20.

• Q2 2025 revenues grew 46% year-over-year to $131.5 million with trading revenue up 63% and customer assets increasing 64% to all-time highs.
• Stock has declined 16.11% over 12 months while trading at 52-week low of $9.38, with PEG ratio of 0.61 suggesting significant undervaluation relative to growth prospects.
• Analysts rate stock Strong Buy with average $18.50 price target providing 92% upside potential from current oversold conditions.

Vistra VST

Philippe Laffont bought $92.29M of Vistra in Q2 2025. Vistra reported Q3 2025 revenue of $4.97 billion, declining 20.9% year-over-year and missing consensus estimates by 28.96%, signaling material weakness in top-line performance. While earnings per share of $1.75 beat consensus by 45.83%, it remained down 66.7% from the year-ago quarter at $5.25, reflecting deteriorating profitability despite operational efficiencies. The stock has significantly underperformed, declining 12.1% over the past month compared to the S&P 500's -0.2% return, with a Zacks Rank of #3 (Hold) indicating limited near-term upside.

• Revenue declined 20.9% year-over-year to $4.97 billion, missing consensus estimates of $7 billion by 28.96%.
• EPS of $1.75 beat consensus by 45.83% but declined 66.7% from prior year's $5.25.
• Stock underperformed 12.1% over the past month versus the S&P 500's -0.2% performance.

The Trade Desk TTD

Philippe Laffont bought $71.92M of The Trade Desk in Q2 2025. The Trade Desk is a leading independent demand-side platform for programmatic advertising, serving as a critical infrastructure player in the digital marketing ecosystem. While Q3 2025 financial results were announced on October 16, 2025, detailed performance metrics comparing the last two quarters are limited in available data, though the company continues to benefit from secular growth trends in programmatic advertising and increased enterprise adoption of AI-driven bidding capabilities. The platform's competitive position remains strong relative to peers, with consistent demand from both agencies and advertisers seeking to optimize digital media spending.

• The Trade Desk has historically maintained 25%+ annual revenue growth rates as the programmatic advertising market expands.
• The company trades at a premium valuation reflecting growth prospects in the $150+ billion addressable market for digital advertising.
• Q3 2025 results announced on October 16, demonstrating continued execution in a market growing approximately 15-20% annually.

Marvell Technology MRVL

Philippe Laffont bought $46.62M of Marvell Technology in Q2 2025. The company has demonstrated strong momentum with stock appreciation of 62% over the past 6 months, driven by robust execution in its core data center business and accelerating AI demand. Q3 results showed $1.516 billion in revenue, beating guidance by $66 million with 7% year-over-year and 19% sequential growth, while non-GAAP EPS surged 43% sequentially, reflecting substantial operating leverage from the custom silicon ramp. Recent strategic expansion of the multi-generational AWS partnership and 69.2% year-over-year growth in the data center segment position the company for accelerating profitability, with Q4 guidance projecting 26% year-over-year revenue growth.

• Stock surged 62% in 6 months; Q3 non-GAAP EPS grew 43% sequentially, more than double the top-line growth rate.
• Q3 revenue of $1.516B beat guidance by $66M with 19% sequential and 7% year-over-year growth, marking return to YoY expansion.
• Data center segment grew 69.2% year-over-year in recent period; Q4 guidance projects 26% year-over-year revenue acceleration.

Enphase Energy ENPH

Philippe Laffont bought $33.46M of Enphase Energy in Q2 2025. Enphase Energy delivered a strong Q3 2025 with $410.4M revenue (highest in 2 years) and EPS of $0.90, beating estimates by 76.47%, yet the stock declined 7.6-8% in after-hours trading due to weak Q4 guidance of $310-350M, representing a 20% sequential decline. Management attributed the projected slowdown to European demand weakness and concerns around expiring tax credits, signaling near-term headwinds despite strong operational execution. Over the past 12 months, the stock has underperformed substantially, down 57.3% year-to-date and 63.5% over the last year, reflecting investor concerns about growth deceleration and market headwinds in the renewable energy sector.

• Q3 non-GAAP EPS beat estimates by 76.47% with revenue reaching $410.4M, the highest in two years.
• Operating income grew 25% sequentially to $123.4M while battery shipments hit record 195.0 MWh.
• Stock down 57.3% year-to-date and 63.5% over the last 12 months; Q4 guidance implies 20% sequential revenue decline.

Yum China YUMC

Philippe Laffont bought $10.34M of Yum China in Q2 2025. Yum China demonstrated robust growth in Q3 2025, with operating profit climbing 8% year-over-year to $400 million, supported by strong delivery and digital momentum that now represents 51% and 95% of sales respectively. The company achieved 11 consecutive quarters of same-store transaction growth, indicating sustained consumer demand across its portfolio. Management is pursuing aggressive expansion plans, having opened 536 net new stores in Q3 with targets of 1,600-1,800 new stores in 2025, while committing $3 billion in shareholder returns through 2026.

• Operating profit increased 8% year-over-year to $400 million in Q3 2025.
• Delivery sales surged 32%, now contributing 51% of total company sales.
• Digital sales reached $2.8 billion, representing 95% of total sales.

Bitcoin IBIT

Philippe Laffont bought $3.46M of Bitcoin in Q2 2025. Bitcoin spot ETFs like the iShares Bitcoin Mini Trust tracked Bitcoin's steady appreciation during Q3 2025, with institutional inflows remaining robust as on-chain fundamentals strengthened and policy support bolstered investor confidence. Bitcoin appreciated approximately 6.5% from early July to late September, reaching around $114,000, following a record-setting Q2 driven by macroeconomic tailwinds and corporate adoption. The sustained momentum in spot Bitcoin products reflects deepening institutional adoption and positions the asset class favorably for continued growth in the remainder of 2025.

• Bitcoin appreciated 6.5% in Q3 2025, rising from approximately $107,000 in early July to $114,000 by quarter-end.
• Bitcoin options trading surged to a record $144 billion in August 2025, with Deribit's open interest reaching $52 billion, the highest level since 2021.
• Total cryptocurrency market capitalization reached $4 trillion in Q3 2025, with the overall digital assets market expanding 23% quarter-over-quarter.

Added, Trimmed, and Exited

Added

Philippe Laffont significantly increased positions across semiconductor and AI infrastructure plays, adding heavily to Broadcom (AVGO) (+58%, delivering +160% return), Nvidia (NVDA) (+34%, +96% return), Lam Research (LRCX) (+28%, +71% return), and initiating large stakes in Oracle (ORCL) ($843M) and Arm Holdings (ARM) ($749M). Other notable additions included Carvana (CVNA) (+236%, +442% return), CoreWeave (CRWV) (+24%, +443% return), Intuit (INTU) (+59%, +104% return), Reddit (RDDT) (+31%, +88% return), PayPal (PYPL) (+33%, +52% return), DoorDash (DASH) (+32%, +79% return), Tesla (TSLA) (+24%, +52% return), and Microsoft (MSFT) (+20%, +59% return).
What it means: Coatue is doubling down on its AI infrastructure thesis with aggressive accumulation across the semiconductor value chain—from chip design (Nvidia, Broadcom, Arm) to manufacturing equipment (Lam Research) to enterprise software beneficiaries (Oracle, Microsoft). The massive additions to already-profitable positions suggest high conviction that the AI buildout cycle has further to run, while the simultaneous expansion into cloud infrastructure (CoreWeave) and financial technology (PayPal) indicates Laffont is positioning for second-order AI beneficiaries. The substantial increases to turnaround stories like Carvana and Reddit—both delivering 400%+ returns—demonstrate willingness to ride momentum in previously distressed situations that have fundamentally improved.

Trimmed

Philippe Laffont reduced exposure to several underperforming or China-exposed positions, most notably slashing Alibaba (BABA) by 77% (-80% return), Agora (API) by 79% (-80% return), and AMD (AMD) by 53% (-35% return). He also trimmed Atlassian (TEAM) by 29% (-33% return), Nu Holdings (NU) by 13% despite a +16% return, AppLovin (APP) by 13% (+15% return), and modestly reduced Amazon (AMZN) by 6% (+9% return).
What it means: The aggressive trimming of China exposure—Alibaba, Agora, and modest reductions to other Chinese holdings visible in liquidations—signals Coatue is de-risking geopolitical uncertainty and regulatory headwinds in favor of U.S.-domiciled growth. The AMD reduction suggests a preference for Nvidia's market leadership in AI accelerators over AMD's lagging positioning, while the Atlassian trim reflects concerns about enterprise software spending normalization. Even profitable positions like Nu Holdings and Amazon saw modest reductions, likely representing portfolio rebalancing to fund the aggressive semiconductor additions rather than fundamental bearishness, as both still delivered positive returns.

Exited

Philippe Laffont completely liquidated 13 positions totaling approximately $552M, headlined by Super Micro Computer (SMCI) ($304M), Monolithic Power Systems (MPWR) ($112M), ServiceTitan (TTAN) ($60M), Tempus AI (TEM) ($45M), and Astera Labs (ALAB) ($40M). He also exited multiple China-exposed names including Trip.com (TCOM), KE Holdings (BEKE), Coupang (CPNG), JD.com (JD), Futu (FUTU), and Qifu Technology (QFIN), along with solar plays SolarEdge Technologies (SEDG) and medtech name NovoCure (NVCR).
What it means: The Super Micro Computer exit is particularly notable given the company's accounting controversies andDelisting concerns that emerged in late 2024/early 2025, suggesting Coatue identified governance red flags before they fully materialized. The wholesale abandonment of China exposure beyond Alibaba trimming—exiting seven Chinese or Asia-focused names—represents a decisive strategic shift away from the region amid escalating trade tensions and economic uncertainty. The exits from recent IPOs and smaller-cap names (ServiceTitan, Tempus AI, Astera Labs) alongside solar (SolarEdge) suggest Laffont is consolidating into higher-conviction, larger-cap AI infrastructure plays rather than maintaining diversified exposure to speculative growth stories with uncertain near-term catalysts.

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.