Hedge fund manager Philippe Laffont's Coatue Management just made a fresh bet on Advanced Micro Devices (AMD). New 13F filing data shows the firm opened a brand new position in AMD stock during the second quarter. Coatue bought 95,987 shares of AMD stock, worth about $55.8 million as of the June 29 filing date.
The AMD position sits inside a much bigger pattern. Coatue Management also opened new positions in SpaceX (SPCX), Intel (INTC), Cerebras Systems (CBRS), Hut 8 (HUT), and several other companies tied to artificial intelligence (AI) infrastructure.
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Basically, Coatue is loading up on the AI trade across chips, power, and computing infrastructure.
www.barchart.com Coatue Is Bullish on AI Infrastructure Stocks
Taiwan Semiconductor (TSM) holds the top spot in Coatue's portfolio at $4.26 billion, making up more than 8.7% of the firm's holdings, followed by Lam Research (LRCX) at 8.4%. The other top holdings include tech stocks such as Micron (MU), SpaceX (SPCX), and Applied Materials (AMAT).
Coatue built a new lineup of AI infrastructure bets during the quarter, while increasing exposure to tech giants such as Amazon (AMZN), Microsoft (MSFT), Alphabet (GOOGL), and Broadcom (AVGO). The AI mix spans chipmakers, data-center builders, hyperscalers, power companies, and more. This suggests the fund aims to capture the AI buildout from multiple angles through diversification.
Why AMD Is a Top AI Stock in 2026
In Q2 2026, AMD reported revenue of $11.5 billion, up 50% year-over-year (YOY). Data center sales more than doubled from a year earlier and now account for 58% of total sales, up 42% YOY.
Server CPU sales rose 70% in Q2 across cloud and enterprise markets. AMD CEO Lisa Su explained that she expects server revenue to grow more than 80% YOY 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 launched its new Helios rack-scale AI platform at its Advancing AI event, combining EPYC Venice CPUs, MI450 series GPUs, networking, and its ROCm software stack.
AMD also 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 GW rolling out in the first half of 2027.
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 in the industry. AI spending is moving from training large models toward inference. At the same time, chatbot-style inference is evolving into agentic inference, wherein automated systems handle multi-step tasks on their own.
Ramsay said this shift favors AMD because agentic workloads need 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. He noted that, earlier this year, 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. This shows how much ROCm software has closed the gap with rival Nvidia's (NVDA) CUDA platform.
What the Coatue Move Signals for AMD Stock
Out of the 45 analysts covering AMD stock, 36 recommend a “Strong Buy” rating, two recommend a “Moderate Buy,” and seven recommend a “Hold” rating. The average price target of $621.73 suggests potential upside of 32% from current levels.
Coatue's decision to open a new AMD position — alongside similar new stakes in Intel, Cerebras, and SpaceX — suggests the fund sees more room to run in the AI trade. Rather than concentrating on one winner, Coatue Management appears to be spreading bets across chipmakers and infrastructure names tied to the same growth story AMD executives described on their recent calls.
For everyday investors watching the AI boom, Coatue's filing is worth noting: A major hedge fund with deep AI exposure across its top holdings just decided AMD stock deserves a seat at the table, too.
www.barchart.com 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. For more information please view the Barchart Disclosure Policy here.
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