Coatue Management has built a $10.7 billion position in semiconductor infrastructure, representing over a quarter of its total portfolio, betting on physical production capacity rather than software or talent. The Philippe Laffont-led fund’s main holdings include Taiwan Semiconductor Manufacturing Company ($2.6 billion), Lam Research ($1.7 billion), Applied Materials ($1.5 billion), and ASML ($655 million in new position opened in Q1 2026). Coatue is wagering on the equipment suppliers essential to any cutting-edge chip production, a strategy that differentiates it from investors focusing on foundation models or chatbots. Demand exceeds supply: TSMC’s advanced packaging capacity is sold out through 2027, with planned capital expenditures of $52-56 billion in 2026 to expand 2nm and 3nm manufacturing technology.
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