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Coatue Management’s Philippe Laffont bought into Instacart ‘s initial public offering last quarter, while maintaining his artificial intelligence plays as top holdings. Laffont, one of the so-called Tiger Cubs who worked under the late Julian Robertson at Tiger Management, revealed a $305 million stake in Instacart, according to a new filing. The grocery delivery company went public in September, and shares have dropped about 40% from their opening price of $42. Instacart was the first notable venture-backed company in the U.S. to go public since the end of 2021. The tech investor kept Nvidia as his biggest holding at the end of September, with a stake worth nearly $2 billion. Nvidia, viewed by many as the biggest AI enabler, is up a whopping 238% year to date. The New York-based fund also upped its holding in Meta slightly last quarter, making it its second-biggest bet. Other popular AI plays can also be found in Coatue’s top holdings, including Amazon , Advanced Micro Devices , Microsoft and Alphabet. Elsewhere, Coatue doubled its stake in Eaton Public , an American-Irish power management company, last quarter, according to the filing.
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