Billionaire portfolio manager Philippe Laffont cuts stakes in Amazon, Alphabet, and Microsoft while boosting positions in Taiwan Semiconductor Manufacturing and adding ASML Holding.

Laffont's Coatue Management significantly reduced holdings in Amazon, Alphabet, and Microsoft during the first quarter, and completely exited Oracle. Simultaneously, he boosted his stake in Taiwan Semiconductor Manufacturing (his top holding) and added a new position in ASML Holding.

TSMC is the world's largest foundry and has a near-monopoly on manufacturing advanced logic chips like GPUs. It leads in producing advanced chips with high yields and in advanced packaging technology called CoWos (Chip-on-Wafer-on-Substrate), which places GPUs alongside high-bandwidth memory. ASML holds a monopoly on extreme ultraviolet (EUV) lithography—the machines used by TSMC and other foundries to create advanced chips.

TSMC manufactures chips regardless of which technology wins, positioning it to benefit from the AI infrastructure build-out. ASML is positioned to benefit as demand for advanced chips and memory grows, since foundries and memory makers must purchase more of its machines. ASML has also developed high-NA EUV technology, which is expected to be needed to further shrink chip nodes.