Coatue Management Opens New Position in AMD Stock as Part of Broader AI Infrastructure Bets

Hedge fund manager Philippe Laffont's Coatue Management, a technology-focused investment firm, has opened a brand-new position in Advanced Micro Devices (AMD), according to newly released 13F filing data. During the second quarter, the firm bought 95,987 shares of AMD stock, worth approximately $55.8 million as of the June 29 filing date.

Form 13F, filed quarterly with the SEC by institutional managers overseeing at least $100 million in US-traded equities, provides a snapshot of long positions as of quarter-end. Because these filings are released with a lag and do not cover short positions or derivatives, a fund's current holdings can differ from what the document shows.

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The AMD stake sits within a much larger pattern of new positions. Coatue also initiated stakes in SpaceX (SPCX), Intel (INTC), Cerebras Systems (CBRS), Hut 8 (HUT), and several other companies tied to artificial intelligence (AI) infrastructure. Taken together, the new positions add exposure to the AI trade across chips, power, and computing infrastructure.

Coatue's AI Infrastructure Positioning

Taiwan Semiconductor (TSM) holds the top spot in Coatue's portfolio at $4.26 billion, accounting for more than 8.7% of the firm's holdings, followed by Lam Research (LRCX) at 8.4%. Other top holdings include tech names such as Micron (MU), SpaceX (SPCX), and Applied Materials (AMAT).

Over the quarter, Coatue assembled a new lineup of AI infrastructure bets while also increasing exposure to tech giants including Amazon (AMZN), Microsoft (MSFT), Alphabet (GOOGL), and Broadcom (AVGO). The mix spans chipmakers, data-center builders, hyperscalers, power companies, and more — an allocation spread that points to an effort to capture the AI buildout from multiple angles through diversification.

AMD's Results and AI Roadmap

In Q2 2026, AMD reported revenue of $11.5 billion, up 50% year over year. Data center sales more than doubled from a year earlier and now account for 58% of total sales, a share that is up 42% year over year.

Server CPU sales rose 70% in the quarter across both cloud and enterprise markets. AMD CEO Lisa Su said she expects server revenue to grow more than 80% year over year in the second half of 2026, with more than 70% growth expected for full-year 2027.

The data-center AI business, which includes AMD's Instinct chips, more than doubled in the quarter. AMD also launched its new Helios rack-scale AI platform at its Advancing AI event, combining EPYC Venice CPUs, MI450 series GPUs, networking, and the company's ROCm software stack.

In addition, AMD announced a strategic partnership with Anthropic during the quarter. Anthropic plans to deploy up to 2 gigawatts of MI450 series GPUs using Helios, with the first gigawatt rolling out in the first half of 2027.

A Shift Toward Inference

Speaking at the KeyBanc Technology Leadership Forum on Aug. 11, AMD Vice President of Financial Strategy and Investor Relations Matt Ramsay pointed to a notable shift underway in the industry: AI spending is moving from training large models toward inference, while chatbot-style inference is evolving into agentic inference, in which automated systems handle multi-step tasks on their own.

According to Ramsay, this shift favors AMD because agentic workloads require high thread counts, high-performance CPUs, and powerful GPUs. AMD now expects the server CPU market to reach $220 billion by 2030, with agentic AI workloads accounting for roughly two-thirds of that total demand.

Ramsay also highlighted AMD's growing relationship with Anthropic on the software side. Earlier this year, he noted, Anthropic engineers were able to get AMD's Instinct chips running a top-tier inference model within a single weekend, without help from AMD at the time. He cited this as evidence of how much ROCm software has closed the gap with rival Nvidia's (NVDA) CUDA platform.

Analyst Coverage

Out of the 45 analysts covering AMD stock, 36 recommend a "Strong Buy" rating, two recommend a "Moderate Buy," and seven recommend a "Hold." The average price target of $621.73 sits approximately 32% above current levels.

What the Filing Shows

Coatue's decision to open a new AMD position — alongside similar new stakes in Intel, Cerebras, and SpaceX — extends the fund's exposure across chipmakers and infrastructure names tied to the same growth story AMD executives described on their recent calls, rather than concentrating on a single winner.

For everyday investors watching the AI boom, the filing is worth noting: a major hedge fund with deep AI exposure across its top holdings has added AMD stock to that mix as well, and subsequent quarterly filings will show how these positions evolve.

Disclosure: On the date of publication, Aditya Raghunath did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.

This article was originally published on Barchart.com.