Philippe Laffont's Coatue Management reduced its position in semiconductor equipment maker Applied Materials (AMAT) by 19.72% during the second quarter of 2026. According to the firm's 13F filing, which reflects trades made between April 1 and June 30, its holdings decreased by approximately 1.03 million shares. This disclosure provides a delayed look at the portfolio adjustments of the influential technology-focused hedge fund.
Despite the share reduction, the reported value of Coatue's AMAT stake increased significantly to $3.05 billion. This surge in value, along with a slight increase in the position's portfolio weight to 6.26%, was driven by a substantial rally in Applied Materials' stock price during the quarter. The company reported record revenue for its second quarter and guided for strong growth in its semiconductor business for the calendar year.