Key Takeaways:
- Tiger Global built new positions in Cerebras ($660M) and AMD ($392M) in Q2
- The fund cut all top 10 holdings, led by a $1.72B Alphabet reduction
- Total US stock portfolio fell to $23.98B across 46 positions from 54
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Tiger Global adds Cerebras, AMD as it trims $1.7B from Alphabet
Tiger Global cut all 10 top holdings, adding $1.05B in AI chip challengers Cerebras and AMD in Q2, its 13F shows.
The filing, submitted to the SEC on Aug. 14, shows total US stock holdings of $23.98 billion across 46 positions, down from 54 in the prior quarter. The fund also added Intel, Seagate Technology, and Visa.
Cerebras was the largest new position at roughly $660 million, followed by AMD at $392 million. Intel was increased by $365 million, Seagate by $275 million, and Visa by $274 million. On the sell side, Alphabet was reduced by $1.72 billion, Broadcom by $690 million, and AppLovin was fully exited at $418 million. The fund also cut TSMC by $327 million and Zillow by $320 million.
The rotation shows Tiger Global rebalancing within the AI trade rather than exiting it — trimming crowded mega-cap leaders while adding exposure to AI infrastructure names with more room to run. The fund's next 13F filing, due in November, will show whether the new positions were maintained.
The new AI chip positions mark a notable shift in Tiger Global's semiconductor strategy. Cerebras, which competes with Nvidia in AI accelerators, was previously held through private markets before the fund moved into public shares. AMD's $392 million position makes it the fund's second-largest new buy, reflecting confidence in the company's data center AI accelerator business.
AI Infrastructure Bets Extend Beyond Chips
The storage and payments additions extend the AI infrastructure theme. Seagate's $275 million position ties to rising demand for high-capacity storage in AI data centers, while Visa's $274 million entry diversifies beyond semiconductors. The fund also added to Intuit, Corpay, Reddit, and MercadoLibre.
On the sell side, the fund exited Netflix, Zscaler, and Procore entirely, and reduced Spotify. The top 10 holdings — TSMC, Amazon, Nvidia, Alphabet, Meta, Lam Research, Sea, Applied Materials, GE Vernova, and Microsoft — were all trimmed.
The buy-side concentration is notable: four of the fund's five largest additions were entirely new positions, with only Intel representing an increase to an existing stake. The sell side, by contrast, was dominated by established AI winners — Alphabet, Broadcom, and AppLovin — that had already reaped substantial gains.
The portfolio changes suggest Tiger Global is rotating from consensus AI winners toward what it sees as the next stage of the AI capex cycle. The fund's 13F reflects positions as of June 30 and does not capture trades made since then.
For investors, the filing offers a window into how one of Wall Street's most closely watched growth funds is positioning for the next phase of AI infrastructure spending. The November 13F will reveal whether the new Cerebras and AMD positions were held or expanded.
This article is for informational purposes only and does not constitute investment advice.
