Tiger Global Initiates New Positions in Cerebras and AMD in Q2, Trims All Top 10 Holdings
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Tiger Global's biggest Q2 move was opening new positions in AI chip maker Cerebras (~$660M) and AMD (~$392M), while trimming all ten of its largest holdings — a systematic shift of capital from AI mega-caps toward the next tier of beneficiaries.
Why did the biggest buy go to Cerebras?
Tiger Global opened a new position of ~3 million shares in Cerebras, worth ~$660M at quarter-end — the largest single buy of the quarter.
Cerebras builds AI accelerators — chips designed to compete directly with Nvidia's GPUs for large-scale AI computation.
This means → Tiger Global is betting the AI chip market won't be a one-winner race; it's spreading chips to the challengers.
The fund held Cerebras through private markets before its IPO, then added in public markets. Put simply = it doubled down after going public.
AMD and Intel too — what's the logic behind "spreading the bet"?
New position in AMD: ~675,000 shares, worth ~$392M. AMD is Nvidia's most direct rival in AI GPUs.
Added ~2.6 million shares of Intel, worth ~$365M — the only existing position among the top five additions.
Cerebras, AMD, Intel — three moves pointing to one thesis: AI compute dollars won't flow to Nvidia alone forever.
This reflects Tiger Global's core expectation for AI chip competition — more winners ahead, not fewer.
What else did Tiger Global buy beyond chips?
New position in storage-chip maker Seagate, worth ~$275M. This means → Tiger Global is expanding its definition of "AI infrastructure" from compute chips to mass storage.
New position in payments giant Visa, worth ~$274M — one of the quarter's few non-AI additions, a move into non-tech territory.
The fund also added to Intuit, Corpay, Reddit, and MercadoLibre, broadening its fintech and internet-platform exposure.
All top 10 holdings trimmed — who got sold the hardest?
Alphabet was trimmed by ~$1.72B, the quarter's largest single sell.
Broadcom came second at ~$690M; AppLovin was liquidated entirely, involving ~$418M.
TSMC and Zillow were trimmed by ~$327M and ~$320M respectively; Netflix, Zscaler, and Procore were also fully exited.
In plain terms = the tech mega-caps that delivered the biggest gains were systematically harvested for profits this quarter.
What does the overall reshuffle tell us?
Tiger Global is not exiting AI — it's moving capital from mega-caps the market has already fully priced toward Cerebras, AMD, Intel, and Seagate, the next tier of beneficiaries along the AI infrastructure chain.
The portfolio shrank from 54 names to 46, with total equity value at ~$23.98B — concentration actually rose even as top holdings were trimmed.
Whether this rotation pays off depends on how AI compute competition actually evolves in coming quarters.
What should you keep in mind when reading this data?
A 13F filing is a snapshot of U.S. equity holdings as of June 30 — it excludes short positions and non-U.S. assets.
This means → what you see is only the "long, U.S., that one day" slice — not Tiger Global's full set of bets.
The filing also cannot reflect any trades since July — always remember that a 13F is a rearview mirror.
Content is for reference only, not financial advice.