AI Analysis · Q4 2025

Altimeter Capital Management's Q4 2025 13F is a $6.66B, 18-position portfolio that is one of the most concentrated pure-AI-and-growth books in institutional data -- the fund is defined by a handful of mega-conviction positions in AI infrastructure (NVIDIA 22.7%, Microsoft 9.3%), communication platforms (META 18.3%), cloud-and-e-commerce (Amazon 7.7%, Snowflake 6.7%, Shopify 1.4%), semiconductors (Taiwan Semi 5.6%), and on-demand services (Uber 6.9%, Coupang 5.6%). Total AUM rose from $4.70B in Q3 2025 to $6.66B in Q4 2025 (+$2.00B or +42.4%), driven by both new capital deployment and mark-to-market appreciation across the core. The portfolio's eight anchor positions -- NVIDIA ($1.51B, 22.7%, 8.10M shares, +5.95% shares, the portfolio's largest position and highest-conviction AI bet), META ($1.22B, 18.3%, 1.85M shares, -1.1% shares, essentially flat despite being the second-largest), Microsoft ($618M, 9.3%, 1.28M shares, NEW from zero in Q3), Amazon ($511M, 7.7%, 2.22M shares, NEW), Uber ($457M, 6.9%, 5.59M shares, flat), Snowflake ($445M, 6.7%, 2.03M shares, NEW), Taiwan Semi ($371M, 5.6%, 1.22M shares, NEW), and Coupang ($370M, 5.6%, 15.68M shares, +56.4% shares, the portfolio's largest absolute increase) -- account for 82.7% of AUM. The quarter's activity was predominantly new-opens at full size: 8 new positions (Microsoft, Amazon, Snowflake, Taiwan Semi, CoreWeave $230M, Robinhood $146M, Shopify $92M, Bloom Energy $23M), 4 sold (Alibaba, Gemini Space, Pattern Group, Netskope), 4 increased (Alphabet +65.8%, NVIDIA +5.95%, Coupang +56.4%, MercadoLibre +81.0%), 3 decreased (Broadcom -95.7% from $246M to $11.1M, a near-complete liquidation; META -1.1%; Confluent -38.5%). Broadcom's near-total elimination (-95.7%, from $246M to $11.1M) is the quarter's most dramatic single trade; the manager appears to have rotated OUT of the legacy semiconductor position that was anchored in prior periods. Alphabet ($163M, 2.4%, 519K shares, +65.8% shares, +$86.4M) was dramatically increased from de minimis Q3 levels. Zillow ($149M, 2.2%), Robinhood ($146M, 2.2%), MercadoLibre ($138M, 2.1%), Shopify ($92M), and Bloom Energy ($23M) round out the book. The sector breakdown -- Technology $4.11B (61.7%), Communication Services $1.38B (20.7%), Consumer Cyclical $881M (13.2%, Uber/Coupang/Amazon), Financial Services $146M (2.2%, Robinhood), Unknown $139M (2.1%, MercadoLibre) -- reflects an almost pure-play technology-and-communications mandate. The 42.4% AUM growth is the quarter's headline. The 76.75 whaleScore on $6.66B reflects AUM. The portfolio's identity reads as a classic Altimeter-style concentrated growth mandate: extreme focus on AI-and-semiconductor infrastructure (NVIDIA, Taiwan Semi, Broadcom nearly eliminated), cloud-and-SaaS (Snowflake NEW, Microsoft NEW, Shopify), social-media-and-advertising (META held, Alphabet increased), on-demand consumer services (Uber held, Coupang aggressively increased), and select e-commerce/FinTech names (Amazon NEW, Robinhood NEW, MercadoLibre). The Q4 2025 delta is best read as: Altimeter Capital, a $6.66B concentrated growth manager, significantly expanded the portfolio by establishing eight new positions at or near full size (Microsoft, Amazon, Snowflake, Taiwan Semi, CoreWeave, Robinhood, Shopify, Bloom Energy) -- collectively representing approximately $2.47B in new AUM -- while dramatically cutting Broadcom (the legacy Q3 semiconductor hedge at $246M, reduced to $11.1M, -95.7%), selling four smaller speculative positions (Alibaba, Gemini Space, Pattern, Netskope), and increasing Alphabet (+65.8%), Coupang (+56.4%), and MercadoLibre (+81%). The +42.4% AUM growth from $4.70B to $6.66B reflects both the new capital deployment into the eight opens and mark-to-market appreciation in the core AI positions. The post-Q4 book is notably more diversified across the AI stack (training: NVIDIA; inference/networking: Broadcom nearly gone; manufacturing: Taiwan Semi NEW; cloud: Microsoft NEW, Snowflake NEW, Shopify INCREASED; consumer: Uber held, Coupang INCREASED; e-commerce: Amazon NEW, Coupang; FinTech: Robinhood NEW) while maintaining the META anchor that has defined the portfolio for years.

The new positions at full size (each represents a major new thesis commitment): Microsoft ($618M, 1.28M shares, NEW) -- cloud-and-enterprise-plus-Generative-AI -- is the portfolio's largest new opening and a signal that Altimeter has rotated INTO the Microsoft AI-narrative after being absent in Q3. The $618M initial position makes Microsoft the third-largest holding and reflects strong conviction in the Azure/OpenAI/enterprise-AI thesis. Amazon ($511M, 2.22M shares, NEW) -- e-commerce-and-AWS -- is the portfolio's second-largest new opening; the $511M start reflects conviction in AWS growth-and-e-commerce durability. Snowflake ($445M, 2.03M shares, NEW) -- cloud-data-warehousing -- is the portfolio's third-largest new opening and a major AI-and-data-infrastructure bet. Taiwan Semi ($371M, 1.22M shares, NEW) -- semiconductor manufacturing -- is the portfolio's first foundry opening, pairing with the existing NVIDIA anchor to complete the AI-chip supply chain (design + manufacturing). CoreWeave ($230M, 3.21M shares, NEW) -- a GPU-cloud-and-AI-training-infrastructure company (a specialized cloud provider renting out NVIDIA H100/H200 clusters) -- is an unusually speculative new opening for a $6.66B institutional portfolio; CoreWeave is a pre-IPO or recently public company in the AI-cloud layer, and the $230M opening signals Altimeter's belief that AI-training infrastructure demand will outstrip supply through 2026-2027. Robinhood ($146M, 1.29M shares, NEW) -- a fintech-and-retail-brokerage platform -- is a new opening at $146M, a significant but not full-size commitment; the position reflects the growing profitability and revenue diversification of Robinhood. Shopify ($92M, 570K shares, NEW but already de minimis at 1.4% of AUM) -- e-commerce-platform -- opened at a smaller-than-typical-for-Altimeter size, suggesting a toehold rather than a full conviction position. Bloom Energy ($23M, 261K shares, NEW) -- solid-oxide-fuel-cells -- is a speculative energy-infrastructure opening; notably, Sands Capital ALSO opened Bloom Energy in Q1 2026 at $241M, suggesting Bloom is becoming a trend-following AI-and-energy name across multiple large growth funds.

Existing positions and their changes: NVIDIA ($1.51B, 22.7%, 8.10M shares, +5.95% shares, +$84.2M) -- AI-semiconductors -- the portfolio's anchor and its highest-conviction position. The +5.95% share increase during a quarter of dramatic portfolio expansion signals continued aggressive accumulation. META ($1.22B, 18.3%, 1.85M shares, -1.1%, essentially flat) -- social-media-and-advertising -- held at essentially identical levels despite the broader rotation into AI-and-cloud; the portfolio's second-largest position and narrative anchor. Uber ($457M, 6.9%, 5.59M shares, flat) -- on-demand-rideshare-and-delivery -- held steady as the portfolio's consumer-services anchor. Coupang ($370M, 5.6%, 15.68M shares, +56.4% shares, +$47.0M) -- Korean-e-commerce -- is the quarter's largest absolute increase on an existing position; the +56.4% add signals Altimeter's continued belief in Coupang's international e-commerce growth story. Alphabet ($163M, 2.4%, 519K shares, +65.8% shares, +$86.4M from near-zero in Q3) -- held at a tiny level in Q3 and aggressively built in Q4; a major conviction add into Google-search-and-YouTube-advertising-and-Google-Cloud. Zillow ($149M, 2.2%, 2.19M shares, essentially flat) -- real-estate-technology -- held steady. MercadoLibre ($138M, 2.1%, 68,480 shares, +81.0% shares, +$49.5M from near-zero) -- Latin-American e-commerce-and-fintech -- dramatically increased from a de minimis Q3 level; the +81% add signals strong Latin American e-commerce conviction. Shopify ($92M as noted above, NEW).