Tiger Global Management 13F Portfolio · Chase Coleman

The biggest buys table reads like a deliberate move down the AI supply chain and into financial rails that monetize the digital economy over decades, not quarters.

• AMD: A new 1.63% position at roughly $392M says Tiger isn’t done with AI chips; it’s just rotating from fully re-rated Nvidia into a vendor still fighting for share in data center accelerators and CPUs.
• Intel: The +159.5% add (about +$365.0M) is more provocative. This is a call that a maligned incumbent, with foundry ambitions and government-backed reshoring tailwinds, can re-rate as the world scrambles for non-TSMC capacity.
• Seagate: A fresh 1.15% stake (~$275.1M) in a storage vendor is pure cycle timing. If AI training and inference workloads are structurally lifting data volumes, disks and enterprise storage should see far more than a one-off bump.
• Visa and Corpay: New capital into Visa (~$274.0M) and a +22.7% increase in Corpay (about +$132.6M) underscore a preference for fee-based, high-ROE payment and B2B transaction rails that benefit from nominal GDP growth and digitization rather than consumer credit spread betting.
• Danaher and applied compute plays: A new Danaher stake (~$86.9M) nods to life-science tools as a steady growth compounder, while new buys in Applied Digital, Cipher Digital, and Core Scientific lean into data-center and crypto-adjacent compute as another way to monetize the same demand curve driving the AI trade.

The sell side of the ledger is dominated by mega-cap tech and early AI winners, but the pattern is surgical, not panicked.

• Alphabet and software platforms: Alphabet is the single biggest dollar trim (shares down 45.4%, roughly -$1.72B), with meaningful cuts also in ServiceNow and Microsoft. These are businesses Tiger still likes — Alphabet remains an 8.65% anchor — but at gains north of +160% from cost, they are now a funding source.
• Semis at the top of the stack: Broadcom, Taiwan Semi, Nvidia, Lam Research, and Applied Materials all see reductions, from -1.5% to -51.1% in share count. This is Tiger acknowledging that the easy money in AI plumbing has been made at the very top and reallocating toward names where the earnings power is less fully priced.
• Consumer internet and adjacent plays: Sea, Spotify, Take-Two, and Liberty’s Formula One tracking stock are all trimmed, as is GE Vernova. Tiger is quietly compressing exposure to more idiosyncratic or execution-sensitive stories to finance higher-conviction bets in chips and payments.
• Risk control on weaker names: Deep cuts in Chime (-52.3%), JD.com (-41.5%), and an -89.3% collapse in Pony.ai signal a willingness to admit when a thesis has stalled or turned structurally harder, particularly around China consumer and private-market AI bets.

At the sector level, Tiger’s profile still screams growth, but the internal mix is evolving in telling ways.

Technology slips from 64.71% to 62.08% of reported exposure, even as Tiger adds AMD, Intel, and Seagate. That’s because the profit-taking in mega-cap platforms and first-wave AI semis dwarfs the new capital. The message: stay all-in on tech, but upgrade risk-reward by moving from stretched winners into earlier-cycle beneficiaries.

Consumer-facing names edge up from 22.62% to 23.04%, but this masks stock-level nuance. Amazon and Sea remain key, while Tiger concentrates around platform-like e-commerce and entertainment (Coupang, Spotify, Take-Two) and pares weaker Chinese exposure such as JD.com and ATRenew.

The most striking shift is the rise in payment and commerce infrastructure. What the filing classifies as Real Estate jumps from 3.15% to 5.42%, but in reality it’s payments and Latin American e-commerce — Corpay, Visa, and MercadoLibre — plus Uber. That, alongside steady Finance exposure (~3.59%) anchored in Nubank and newer data-center/crypto compute names, sketches a durable theme: monetize transaction flows and balance-sheet-light financial services tied to digital activity.

Industrials creep up from 0.98% to 1.31% on Danaher and Liberty’s F1 tracker, while Health Care stays negligible at 0.53% as UnitedHealth is trimmed despite being below cost, suggesting Tiger doesn’t see managed care as core to its edge.

Put together, this 13F shows a manager leaning into its strengths: riding secular compounding in technology and digital finance, but refusing to let outsized winners dictate the future opportunity set.

The semis reshuffle — out of Broadcom, Taiwan Semi, and Lam at rich gains and into AMD, Intel, and Seagate — tells you Tiger believes the AI hardware cycle is only in the middle innings. The bet is that compute and storage volumes will keep surprising to the upside, and that capital will rotate to vendors with more to prove and more upside to recapture.

The build-out in payments and fintech rails, led by Corpay and Visa, adds a more defensive, cash-generative layer under an otherwise volatile tech stack. If AI enthusiasm cools, cross-border transactions, card volumes, and B2B payment flows should keep compounding.

New stakes in Danaher and data-center/crypto compute names like Applied Digital, Cipher Digital, and Core Scientific suggest Tiger is using an AI-driven capex boom to justify both tangential and orthogonal bets — from lab tools to power-hungry server farms. Meanwhile, sharp pruning in China consumer and weaker private fintech keeps the tail from wagging the dog.

Investors reading this book should see a clear signal: Tiger isn’t exiting AI or growth. It is deliberately shifting from the obvious AI trade into what it views as the second and third derivatives — where the next few years of alpha, rather than the last few, are likely to be found.