There's arguably nothing more exciting than the quarterly filing of Form 13Fs. While quarterly operating results provide investors with an under-the-hood look at how the stock market's most influential businesses are performing, 13Fs offer a concise snapshot of the stocks Wall Street's savviest money managers bought and sold in the latest quarter.
Feb. 17 marked the deadline for institutional investors with at least $100 million in assets under management to file a 13F with regulators. Billionaire Philippe Laffont's 13F at Coatue Management is among the most anticipated. During the fourth quarter, Coatue's billionaire boss dumped his entire stake in Nvidia-backed artificial intelligence (AI) juggernaut CoreWeave (CRWV 1.81%), and increased his position in Wall Street's blockbuster stock-split stock by 76%.
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Billionaire Philippe Laffont gave CoreWeave the boot
Coatue Management's billionaire investor is active, with 35 stocks being cut completely during the fourth quarter and another two dozen existing holdings reduced in size. The largest individual stock sale was the 6,724,615 shares of CoreWeave that were given the boot, totaling over $920 million in market value, as of Sept. 30.
The most logical reason behind this sale is simple profit-taking. Filings show that Laffont's fund had held shares of CoreWeave, which builds and leases AI-accelerated data centers, since the first quarter of 2025, which is when it went public. CoreWeave shares have more than doubled since then, creating plenty of opportunity for Laffont to cash in his chips.
But there may be more to this story than just profit-taking.
NASDAQ: CRWV
Key Data Points
Despite the face of the AI revolution (Nvidia) investing more than $5 billion in CoreWeave, the company's operating results leave a lot to be desired. Although sales more than doubled to $5.13 billion in 2025, its net loss jumped to $1.17 billion.
There's also been concern about private creditors turning down select data center projects for companies without pristine credit ratings and/or proven operating models. CoreWeave isn't yet a proven model, leaving its debt-heavy balance sheet somewhat in question.
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Coatue Management's boss sank his teeth into streaming leader Netflix
While Philippe Laffont's top-10 holdings are all AI-influenced stocks, perhaps his most eyebrow-raising purchase in the fourth quarter was streaming services leader Netflix (NFLX 0.20%). Accounting for Netflix's blockbuster 10-for-1 forward stock split conducted in mid-November, Coatue's billionaire chief added 467,400 shares (a 76% increase) to make it a billion-dollar holding, by market value.
One possible catalyst for Laffont's sizable purchase is the weakness in Netflix's stock following its proposed acquisition of Warner Bros. Discovery. Wall Street was clearly concerned about the regulatory approval of such a deal and how accretive it would have been to Netflix's bottom line.
NASDAQ: NFLX
Key Data Points
However, with Paramount Skydance submitting a superior bid for Warner Bros. Discovery at the end of February, this is no longer a concern.
Coatue's billionaire boss also favors businesses with sustainable moats. Though streaming is a highly competitive space, Netflix is the undisputed leader in paying subscribers and original content. Netflix's programming is luring new global subscribers, and its tough but necessary crackdown on password-sharing has provided a secondary boost to its bottom line.
