Add 18 times more beauty! Bottom fishing SpaceX, Intel! What does Coatue, a top investment institution, mean? reduce holdings 1. Application Material AMAT Reduce holdings by approximately 19.7% while retaining a significant position. As a leading semiconductor equipment company, we have already fully benefited from the AI expansion cycle. 2. ASML ASML Significantly reduce holdings by about 40%. EUV lithography equipment has a stable monopoly position, but its valuation is already relatively high. 3. Ram Research LRCX Slightly reduced holdings by about 6%, still the second largest position. Etching equipment has strong demand in advanced processes, reducing holdings is a combination of rebalancing and retaining core exposure. 4. TSM (Taiwan Semiconductor Manufacturing Company) Slightly reducing holdings by about 4%, still the largest holding. Advanced process outsourcing is the absolute leader, AI chip orders are full, and reducing holdings is more about controlling the weight of a single target. 5. Meta META Reduce holdings by approximately 10%. Advertising and AI investments continue, but social media business growth has become relatively mature, with funds shifting towards hardware infrastructure. 6. NVIDIA NVDA Continue to slightly reduce holdings by about 4.4%. The dominant position of AI GPU is unshakable, and it has continuously reduced its holdings in the past few quarters, realizing profits. 7. Netflix NFLX Reduce holdings by approximately 31%. The streaming media business is stable, but its growth is slowing down. 8. New Thinking Technology SNPS Significant reduction in holdings. Leading electronic design automation software, benefiting from the prosperity of chip design, reducing holdings for adjusting portfolio structure. 9. Visa $V Completely clear the warehouse. The payment business is stable, but its relevance to the current AI hardware theme is relatively low. 10. iShares Bitcoin Trust ETF IBIT Completely clear the warehouse. Cryptocurrency assets fluctuate greatly and deviate from the core technology narrative. After exiting, focus on physical AI infrastructure. 11. Other exits from CHYM SOLS CHRW Fully liquidate non core positions and focus on semiconductor, power, and computing related targets. Increase holdings 12. Micron MU Increased holdings by approximately 1794% (from 166000 shares to 3.14 million shares), becoming the third largest holding. The demand for HBM high bandwidth memory in AI data centers has exploded, and the supply shortage will continue until after 2027. Long term customer contracts that lock in high prices are the most direct beneficiaries of the memory cycle. 13. SpaceX SPCX The newly established position holds approximately 18.56 million shares worth 3 billion US dollars, making it the fourth largest holding and possibly related to the previous private equity investment that went public. 14. Intel INTC The newly established warehouse holds approximately 12.08 million shares, valued at approximately 1.7 billion US dollars. The transformation of OEM and the acceleration of AI chip layout have resulted in a relatively reasonable valuation, benefiting from the US semiconductor revitalization policy. 15. Cerebras Systems CBRS Newly built warehouse with approximately 7.01 million shares, valued at approximately 1.55 billion US dollars. Focusing on AI ultra large scale chips, with significant differentiation in wafer level computing architecture, it directly meets the training needs of next-generation AI. 16. Forgent Power Solutions FPS Construct a new warehouse with approximately 20.5 million shares, valued at approximately 1.15 billion US dollars. Data center and grid power distribution equipment suppliers face power bottlenecks and rigid demand due to the expansion of AI computing power. 17. Hut 8 HUT The newly established warehouse holds approximately 9.72 million shares, valued at approximately 1.12 billion US dollars. The transformation of encrypted mining into data center business benefits both electricity and computing resources from the AI wave. 18. Amazon AMZN Increase holdings by approximately 49%. AWS and AI infrastructure investment in cloud computing is huge, and e-commerce and advertising businesses are robust, making it one of the most important cloud service providers for AI implementation. 19. Microsoft MSFT Increase holdings by approximately 18%. Azure cloud and OpenAI deep binding, enterprise AI software penetration acceleration, strong cash flow and moat. 20. Google GOOGL Increase holdings by approximately 12.6%. The search advertising moat is deep, and the Gemini big model collaborates with cloud business, with great potential for AI search and advertising monetization. 21. Equinix EQIX Increase holdings by approximately 16.7%. Global data center REIT leader, AI computing power deployment directly drives cabinet and interconnection demand, with strong certainty of rental growth. 22. Broadcom AVGO A slight increase of about 6% in holdings. The advantages of custom AI chips and network chips are obvious, and the scale effect is enhanced after mergers and acquisitions, benefiting from the upgrade of data center networks. 23. Eaton ETN A slight increase of about 4.6% in holdings. Leading in power management and data center distribution equipment, the surge in AI power consumption brings long-term order visibility. 24. GE Vernova GEV The position is basically flat (slightly adjusted). Electricity and energy equipment benefit from the explosive demand for electricity in data centers, as well as strong orders for products such as gas turbines. 25. Constellation Energy CEG The position is basically flat. Nuclear power and other clean power suppliers, supported by long-term power purchase agreements for AI data centers, are experiencing stable growth. AI investment is entering its second phase: shifting from simply focusing on GPUs to addressing memory shortages, power bottlenecks, and data center expansion