Billionaire Investor Philippe Laffont Sold ASML and Piled Into a Growth Stock Up 6,250% Since Its IPO

Company Overview - Coatue Management, founded by Phillipe Laffont in 1999, has a public equities portfolio valued at approximately $26.9 billion, holding 81 stocks [2] - The firm has invested in successful tech start-ups such as TikTok, Snap, and Spotify [2] ASML Holding - Coatue sold its remaining 113,431 shares of ASML, exiting the position entirely [3] - ASML, which produces lithography machines essential for the AI industry, experienced an 8.5% stock decline in 2024, contrasting with the S&P 500's 23% gain [3][4] - The company faced challenges due to export restrictions to China, leading to a lowered revenue forecast for 2025, with expected revenue from Chinese clients at 20% [4][5] Chipotle Mexican Grill - Coatue initiated a position in Chipotle, purchasing over 4.5 million shares [6] - Chipotle reported a restaurant-level operating margin of 25.5% in Q3, down from 26.3% a year prior, but the stock rose nearly 32% in 2024 [7] - The company plans to add a record 285 to 315 new stores in 2024 and aims to double its North American restaurant total to 7,000 by 2030 [9] - Despite a high valuation at 45 times forward earnings, the company's growth and innovation in technology are seen as justifying the price [10]