Core Investment Themes - Altimeter Capital has made AI stocks a core feature of its portfolio, recently trimming its stake in Nvidia and completely selling its stakes in Micron and Taiwan Semiconductor Manufacturing [2][4] - The fund holds a significant position in CoreWeave, an AI IPO stock, with 2,999,536 shares valued at approximately $489 million as of June 4 [3] Company-Specific Insights - CoreWeave is a cloud computing infrastructure provider that offers access to Nvidia GPUs and other chip integrations, allowing for a more nimble business model compared to traditional chip manufacturers [13] - The company is positioned to benefit from the growing demand for AI training and inferencing, filling the gap between chipset production and optimized AI cloud infrastructure [14] Market Dynamics - Nvidia controls over 90% of the data center GPU market, but faces risks from cloud hyperscalers developing custom AI chips and competition from Advanced Micro Devices [6][7] - Micron's memory storage chips are vital for various technologies, but the shift towards cloud-based AI infrastructure may pose challenges for its hardware-centric business [9] - Taiwan Semiconductor's business could be affected by decelerating sales growth from key customers and geopolitical pressures in Taiwan [10][11] Valuation Considerations - CoreWeave has experienced notable valuation expansion, with its price-to-sales (P/S) ratio significantly higher than that of established players like Oracle [17][18] - Current valuations suggest that CoreWeave may be overbought, indicating caution for potential investors despite its growth prospects [18]