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Philippe Laffont’s Q3 Trades
Philippe Laffont, a hedge fund billionaire and founder of Coatue Management, sold 1.6 million shares of Nvidia (reducing his stake by 14%) and acquired 76,000 shares of the iShares Bitcoin Trust (IBIT) during the third quarter of 2023. Coatue Management outperformed the S&P 500 by 94 percentage points over the last three years.
Nvidia’s Market Position
Nvidia has been a leader in artificial intelligence infrastructure, expected to maintain a dominant market presence as AI applications evolve. Analysts project that Nvidia’s earnings will grow at an annual rate of 37% over the next three years, with the current valuation at 44 times earnings.
Bitcoin Demand and Growth
Demand for Bitcoin is increasing among institutional investors due to a favorable regulatory landscape and the rise of spot Bitcoin ETFs. The number of large asset managers holding positions in the iShares Bitcoin Trust rose 150% between Q3 2024 and Q3 2025, coinciding with a doubling of Bitcoin held by public and private companies.
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