Coatue Management's Philippe Laffont trimmed his big Tesla holding in the third quarter, while ramping up his exposure to semiconductor stocks. The so-called Tiger Cub reduced his stake in Elon Musk's EV company by 16% to $940 million bet at the end of September, according to a regulatory filing. Tesla was still Coatue's biggest holding at the time of filing.
Coatue also built new stakes in a slew of other semiconductor names, including AMD , Applied Materials , ASML Holding , Lam Research and NXP Semiconductors . The semiconductor industry has taken a hit this year amid heightened tensions between U.S. and China. Earlier this year, Washington curbed China's access to American technology, which added uncertainty to the industry already grappling with the boom-and-bust of semiconductor demand.