Hedge Fund Shifts AI Infrastructure Bet from Super Micro to CoreWeave

Philippe Laffont's Coatue Management executed a decisive pivot in Q2 2025, liquidating its entire Super Micro Computer position and establishing CoreWeave as its top holding. The cloud infrastructure specialist now anchors the portfolio of a fund that has outperformed the S&P 500 by 40 percentage points over three years.

CoreWeave's 134% revenue surge in Q3 reflects booming demand for its AI-optimized cloud services, with marquee contracts from OpenAI and Meta Platforms fueling a 271% backlog increase. The November 2025 credit facility expansion to $2.5 billion signals institutional confidence in its growth trajectory, with analysts projecting 90% annual revenue growth through 2027.

Meanwhile, Super Micro Computer faces headwinds as declining gross margins persist for four consecutive quarters, contradicting earlier profitability assurances. The divergent paths highlight institutional capital flowing toward pure-play AI infrastructure providers as the sector matures.