Philippe Laffont’s Coatue Management just showed its hand: the latest 13F filing (holdings as of March 31, 2026) parks its biggest chips on a single trade: the AI infrastructure buildout. The five names below, all US-listed, represent Laffont’s largest long common-stock and ADR positions. One of them just booked $10.80 billion in AI semiconductor revenue in a single quarter, growing 143% year-over-year. The setup is worth understanding before it reprices.
1. GE Vernova (GEV): The Non-Obvious Power Play
Every AI accelerator on this list is useless without electrons. That is why GE Vernova (NYSE:GEV | GEV Price Prediction) is the most surprising name in Laffont’s tech basket: it sits one level upstream of the chips, building the gas turbines, grid equipment, and electrification hardware that hyperscalers are now ordering by the gigawatt. This is the AI trade one level upstream of NVIDIA. Q1 2026 revenue rose 15.8% year-over-year to $9.30 billion, but the real signal was orders: $18.30 billion, up 71% organically, with Electrification booking $2.4 billion in data center equipment orders in Q1 alone, more than all of 2025. CEO Scott Strazik put it plainly: “Demand is accelerating for our Power and Electrification solutions… backlog growing by more than $13 billion quarter-over-quarter.”
The stock is up 58.84% year-to-date and our model reads it as a HOLD with a base case of $1,098.40 (4.44% upside): the easy money has been made, but the bull case still points to $1,269.82 (20.74% upside) if data center power orders keep compounding. Analysts remain 79% bullish. Next up, the name that turns those electrons into revenue.
2. Broadcom (AVGO): The Custom-Silicon Cash Machine
Broadcom (NASDAQ:AVGO) is the hyperscaler whisperer. Its custom ASICs and AI networking silicon sit inside the largest cloud training clusters on earth, and the demand curve has gone vertical. If Laffont is playing the AI infrastructure trade, this is the ticker with the shortest distance between order book and free cash flow.
Fiscal Q2 2026 revenue hit $22.19 billion, up 47.9% year-over-year, with free cash flow of $10.26 billion, or 46% of revenue. CEO Hock Tan guided Q3 AI semiconductor revenue to “grow over 200 percent year-over-year to $16.0 billion.” Add the $30 billion+ Apple custom AI chip deal locked in through 2031 and the $100 billion AI revenue target by 2027, and the story writes itself.
Our read: BUY with a base case of $409.96 (10.7% upside), backed by 92% bullish analyst consensus and zero sell ratings across 48 analysts. Forward P/E of 21 is not demanding for a business printing 49% operating margins. The heavyweight ahead makes even Broadcom’s chips look downstream.
3. Taiwan Semiconductor (TSM): The Foundry Monopoly
Every advanced AI chip Broadcom, NVIDIA, AMD, or Apple designs eventually gets etched in a Taiwan Semiconductor Manufacturing (NYSE:TSM) fab. There is no substitute at the leading edge, and the 2nm ramp in H2 2026 is about to widen the moat further. Laffont’s position here is the purest expression of “AI has to be manufactured somewhere.”
Q2 FY2026 delivered EPS of $4.31 versus $3.89 estimated, revenue of $40.20 billion (+36.0% YoY), and gross margin expanding to 67.7%. Management guided full-year 2026 revenue growth “slightly above 40%” in USD, with 2nm debuting at 3% of wafer revenue and 7nm-and-below already at 77%.
Despite the blowout, TSM is down 6.23% over the past week as retail wrestles with a chip-sector selloff, one r/stockmarket thread titled “TSMC profit jumped 77% and still stock is down 4-5%” captured the confusion. Our model calls it a BUY with 23.32% upside to $489.17, supported by 89% bullish analyst consensus and an average target of $498.24. The pullback is the invitation.
4. Lam Research (LRCX): The Etch and Deposition Toll Booth
Every 2nm wafer TSMC ships, every HBM stack Micron and SK hynix build, every gate-all-around transistor on a next-gen accelerator: all of it flows through Lam Research (NASDAQ:LRCX) etch and deposition tools. When capex accelerates, Lam collects the toll first. Fiscal Q3 2026 delivered its 4th consecutive earnings beat with non-GAAP EPS of $1.47 versus $1.36 estimated, revenue of $5.84 billion (+23.8% YoY), and operating margin expanding to 35.0%. CEO Tim Archer said it directly: “Lam delivered record revenue and EPS in the March quarter as AI-driven demand reshapes the semiconductor industry.” June-quarter guidance calls for ~$6.60 billion revenue and ~$1.65 non-GAAP EPS.
LRCX has run 87.85% year-to-date and 221.54% over one year, so the entry is not cheap. Our read: BUY with a base case of $351.60 (13.54% upside), backed by 83% bullish analysts and only one sell rating out of 35. The bull case reaches $459.94 (48.52% upside) if the equipment cycle extends. Which brings us to the #5 slot, where the equipment story lands hardest.
5. Applied Materials (AMAT): The Punchline
Applied Materials (NASDAQ:AMAT) is the punchline because it sells the deposition, etch, and inspection tools that make Gate-All-Around transistors, HBM stacks, and advanced packaging physically possible, and it partners with the entire cast: TSMC, SK hynix, Micron, and NVIDIA through its EPIC Center. Laffont owns the toolmaker that touches every chip on this list.
Fiscal Q2 2026 posted its 4th consecutive earnings beat with non-GAAP EPS of $2.86 versus $2.66 estimated and revenue of $7.91 billion (+11.4% YoY). CEO Gary Dickerson raised the bar: “Applied Materials delivered record quarterly performance, and we now expect our semiconductor equipment business to grow more than 30 percent in calendar 2026.” Q3 guidance calls for ~$8.95 billion revenue and ~$3.36 non-GAAP EPS.
The stock has already gone parabolic, up 118.81% year-to-date and 190.09% over one year. Our model still tags it a BUY with a base case of $589.60 (11.89% upside), and the bull case reaches $773.43 (46.78% upside), on 82% bullish analyst consensus and a $623.06 target. When a mega-cap grows equipment revenue 30%+ into a 2nm ramp, that is the setup.
The Thread That Ties It Together
Laffont’s five names form a closed loop: GEV powers the data centers, TSMC fabricates the chips, Lam and Applied Materials build the tools that make the fabs work, and Broadcom monetizes the custom silicon inside every hyperscaler rack. Four of the five register as BUY signals in our model, with GEV cooling to HOLD after its 58.84% YTD run. The recent semiconductor pullback is the window, and windows in this trade have not stayed open long.
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