Tiger Global's Great Rotation: Chase Coleman Dumps Software, Buys the Chip Supply Chain

Chase Coleman built his reputation on internet and software growth stocks. His Q1 2026 13F filing reads like a different playbook entirely — one that looks a lot more like a semiconductor fund than the Tiger Global of a decade ago.

The exits tell the story

Tiger Global's $22.8 billion 13F portfolio shows seven complete liquidations this quarter: Workday, Veeva Systems, Elastic, Grab Holdings, Circle Internet Group, Flutter Entertainment, and Hinge Health. That's a clean sweep of enterprise software (Workday, Veeva, Elastic), a Southeast Asian super-app (Grab), a stablecoin issuer (Circle), a sports-betting operator (Flutter), and a digital health name (Hinge Health) — five very different businesses unified only by the fact that none of them touch the AI buildout directly.

Grab alone was a nearly 93 million share position. Flutter's exit erased 3.77 percentage points of portfolio weight on its own. These weren't trims — they were full unwinds.

The buys: hardware, not software

Where did the money go? Straight into the physical layer of AI infrastructure. Applied Materials, the chip-equipment maker, saw its position grow 85% to over $566 million. Taiwan Semiconductor — the foundry that actually fabricates the Nvidia and Apple chips everyone else is trading around — jumped 49% to become Tiger Global's fourth-largest holding at 8.23% of the portfolio. Broadcom rose nearly 25% to a $1.1 billion stake, now the fifth-largest position.

Coupang, the Korean e-commerce platform, also grew meaningfully (+32% in shares), suggesting the rotation isn't purely a hardware story, but the pattern in the largest moves is unmistakable: Tiger Global spent Q1 2026 trading software multiples for chip-supply-chain exposure.

A five-stock portfolio in disguise

The concentration is the real headline. Alphabet (13.4%), Nvidia (9.2%), Amazon (9.1%), Taiwan Semiconductor (8.2%), and Meta (7.7%) together account for roughly 47.6% of the entire 13F — before counting Broadcom's additional 4.9% or GE Vernova's 3.7% (Tiger Global's power-and-grid bet, sized similarly to how other macro funds have been positioning around AI's electricity demand). Add those in and seven names make up more than 56% of a $22.8 billion portfolio.

That's an aggressive bet that the current leadership in AI compute, cloud, and chip fabrication holds for another several quarters. It also means Tiger Global's returns from here are almost entirely a leveraged bet on five to seven mega-cap outcomes rather than a diversified stock-picking book. Investors curious how concentrated this looks next to other well-known funds can compare position sizing across portfolios on InvestorLens's investor directory.

Reading the rotation against the broader field

Tiger Global isn't alone in swapping software for hardware this quarter — it's part of a broader pattern across the hedge fund universe of managers repositioning toward the physical AI build-out (chips, equipment, power) and away from software names whose growth stories now look more exposed to AI-driven disruption than helped by it. Where Tiger Global's version stands out is the totality of the exits: seven full liquidations in one quarter is a much sharper move than a typical rebalance.

Whether Coleman is early or late to this trade is the open question. Taiwan Semiconductor and Applied Materials are both up sharply from Tiger Global's reported cost basis already, meaning the fund is chasing strength rather than buying a dip. Broadcom, similarly, was already up double digits by quarter-end versus the reported price. That's a different risk profile than accumulating out-of-favor names — it's a momentum-adjacent bet on AI infrastructure leadership continuing.

For readers tracking which stocks show up across multiple hedge fund books this quarter, InvestorLens's overlap tool can quickly surface whether Tiger Global's new hardware conviction is shared by other major filers, and the flow page tracks aggregate buying and selling pressure by ticker across all tracked 13F filers. For the bigger macro picture — how positioning like this fits into broader hedge fund sentiment on rates, growth, and inflation — the Macro Consensus page aggregates signal across every fund InvestorLens tracks.

The takeaway

Tiger Global's Q1 2026 13F is less a stock-picking update than a thesis statement: the software-first growth investing that built Chase Coleman's reputation has, for now, taken a back seat to a concentrated bet on the companies that make the AI boom physically possible. Seven full exits and three major hardware adds in a single quarter is about as clear a signal as a 13F ever gives.

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Data sourced from public SEC 13F filings. Educational research only — not investment advice.