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Philippe Laffont’s Coatue Management unveiled a new position in Oracle, and doubled down on key artificial intelligence beneficiaries Nvidia and Microsoft, as the tech rally came back with a fury in the second quarter. Fund founder Laffont — known as one of the “Tiger Cub” fund managers that worked under the late investor Julian Robertson — disclosed a stake in enterprise software company Oracle that amounts to a more than $843.3 million holding for the three months ending June, according to the firm’s latest regulatory filing. Oracle outperformed in the second quarter, surging more than 56% on the strength of its cloud infrastructure business helping clients operate artificial intelligence models. The stock is up more than 11% this quarter, thus far. Laffont also doubled down on certain members of the Magnificent Seven names, adding 34% to his Nvidia holding. The chip company was the first public company to reach a $4 trillion valuation as investors continued to be on the AI buildout; it rose more than 45% in the second quarter alone. He also added to Microsoft, increasing his holdings by 20%. The investor continued to bet on the AI buildout, starting a $749.4 million position in Arm Holdings, a British semiconductor and software design company. He has a new allocation in Marvell Technology amounting to $602.4 million. Laffont expanded his allocations to a smattering of other chip names, including Broadcom, which is a top 10 holding, and Lam Research. The investor continued to sell down his shares in key China tech companies . He reduced his stake in Alibaba, for example, by 77%. — CNBC’s Yun Li contributed to this report.
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