Core Investment Themes - The theme of artificial intelligence (AI) has significantly driven stock market gains, contributing to record highs in the S&P 500 over the past two years, with AI stocks being a focal point for investors aiming for a potential trillion-dollar market [1][2] Investor Actions - Philippe Laffont of Coatue Management, a prominent investor, has made notable moves in the second quarter, including selling his entire position in Super Micro Computer and increasing investments in four key AI companies [3][4] Portfolio Adjustments - Coatue Management's actions in the second quarter included: - Selling 8,866,735 shares of Super Micro Computer, which constituted 1.3% of the portfolio [9] - Opening a new position in Oracle with 3,857,262 shares, representing 2.4% of the portfolio [9] - Increasing its position in Nvidia by 34% to 11,488,529 shares, now 5% of the holdings [9] - Lifting its position in CoreWeave by 23% to 17,797,573 shares, making up 8% of the portfolio [9] - Increasing its position in Broadcom by 58% to 5,647,507 shares, which is 4.3% of the portfolio [9] AI Infrastructure Growth - The AI infrastructure buildout is projected to see spending reach $3 trillion to $4 trillion by the end of the decade, indicating a strong demand for AI capacity [5] - Nvidia is positioned to benefit from this growth as a leading AI chip designer, while Broadcom is expected to play a crucial role in providing networking equipment for AI data centers [6] Company-Specific Insights - CoreWeave, while currently unprofitable, is seen as a significant investment by Laffont, reflecting a belief in its long-term potential despite its early-stage growth [7] - Super Micro Computer faced challenges last year related to accounting issues, but these have been resolved, and the company may have a promising future as AI demand increases, although Laffont chose to exit this investment [10]