Coatue Management Opens New Position in AMD Stock. View This as a Renewed Bet on the AI Trade.

Hedge fund manager Philippe Laffont's Coatue Management recently opened a new position in AMD stock, indicating a renewed bet on the AI trade. The firm purchased 95,987 shares of AMD stock, valued at approximately $55.8 million as of June 29. AMD holds a significant place in Coatue's portfolio, representing over 8.7% of its holdings, alongside other AI-related investments in SpaceX, Intel, Cerebras Systems, and Hut 8.

The fund's AI infrastructure bets span chipmakers, data-center builders, hyperscalers, and power companies, suggesting a diversified approach to the AI boom. AMD reported robust financial performance in Q2 2026, with revenue increasing by 50% year-over-year and data center sales more than doubling, now accounting for 58% of total sales.

AMD's CEO, Lisa Su, anticipates continued strong growth, particularly in the server revenue and data-center AI sectors. Analysts cover AMD with a majority recommending a Strong Buy rating, and the average price target of $621.73 implies a potential upside of 32% from current levels. This move by Coatue Management aligns with the broader industry trend, where AI spending is shifting from training large models to inference, favoring companies specializing in high-performance CPUs and GPUs.