News Summary
Philippe Laffont, a notable tech investor and member of the Tiger Cubs, significantly altered his investment strategy in the fourth quarter of 2025. His fund, Coatue Management, with nearly $40.8 billion in equity, completely exited its position in The Trade Desk (NASDAQ: TTD) and increased its stake in Netflix (NASDAQ: NFLX) by 17-fold.
The Trade Desk, once a high-flyer in ad-tech, saw its stock plummet 67% over the past year, primarily due to market competition and valuation compression amid AI disruption, dropping from a peak of 80 times forward earnings to just 12 times. Conversely, Netflix’s stock has fallen 43% since June 2025, driven largely by concerns related to its acquisition of Warner Bros. Discovery assets, resulting in significant debt and execution risks.
