Q2 value · Philippe Laffont / Coatue
Coatue added SpaceX, Cerebras and Intel in Q2, rotated chips from equipment to memory
Changes
12
3 NEW · 2 ADD · 4 TRIM · 3 DROP
Top-5 concentration
45.5%
TSM 8.8%
Coatue's 2026 Q2 13F opened three flagship AI-infrastructure lines and rotated within the chip stack. New: SPCX (SpaceX private) $3.17B / 6.5%, INTC $1.69B / 3.5%, CBRS (Cerebras Systems) $1.55B / 3.2%. MU (memory) was multiplied nearly 20× on shares (+1,794%) to $3.63B — now the #3 position at 7.5%. Semi-cap equipment cut: ASML −40.5%, SNPS −58.3%, AMAT −19.7%. AMZN added +49.2% shares to $2.82B. AI-related holdings total $40.0B across 26 names (82% of AUM).
New positions
3| Ticker | Company | | Value | Shares | % of book |
|---|
| SPCX | Space Exploration Technologies Class A | AI infrastructure | $3.2B | 18.6M shares | 6.5% |
| INTC | Intel Corp | AI infrastructure | $1.7B | 12.1M shares | 3.5% |
| CBRS | Cerebras Systems Inc | AI infrastructure | $1.5B | 7M shares | 3.2% |