Laffont’s $29 billion Coatue Management sold positions in major tech firms while adding to a stock down sharply since its 2020 debut.
Coatue Management, led by billionaire Philippe Laffont, sold its entire stake in Oracle and reduced holdings in Tesla and Nvidia during the first quarter. The moves come as investors reassess valuations in the artificial intelligence sector, where Oracle has significant exposure through $1.4 trillion in data center commitments over the next seven to eight years.
The $29 billion fund, known for its tech-focused strategy, also purchased shares of a company that has fallen 94% since its 2020 initial public offering. Coatue’s shifts reflect broader market trends, as hedge funds adjust positions amid evolving sector dynamics and macroeconomic conditions.
Laffont, a former protege of Tiger Management’s Julian Robertson, has built Coatue into a major player in the hedge fund industry, with many investors closely tracking its quarterly filings for insights into tech sector sentiment.