Tiger Global cuts Alphabet by 45%, enters Cerebras ($663M) & AMD ($392M), exits AppLovin and Netflix

During the second quarter of 2026, Tiger Global Management executed major reallocations across its $23.98 billion portfolio, highlighted by substantial reductions in mega-cap technology holdings. The firm cut its position in Alphabet (GOOGL) by 45% to $2.07 billion (down from $3.06 billion) and reduced Broadcom (AVGO) by 51% to $662.60 million. Additional trims were made across top semiconductor and software positions, including Taiwan Semiconductor (-12% to $2.33 billion), Lam Research (-19% to $1.37 billion), Meta Platforms (-9% to $1.59 billion), NVIDIA (-7% to $2.24 billion), and Microsoft (-9% to $845.60 million).

Conversely, the fund initiated several major new positions and increased existing hardware exposure. Tiger Global established a new $662.78 million stake in Cerebras Systems (CBRS, 2.8% of the portfolio) and a $391.96 million stake in Advanced Micro Devices (AMD, 1.6% of the portfolio). Other notable new positions included Seagate Technology ($275.12 million) and Visa ($274.02 million). Tiger Global also substantially increased its stake in Intel (INTC) by 160% to $593.80 million and added to Corpay (+23% to $716.49 million).

The quarter also saw several high-profile full exits. The fund completely liquidated its stakes in AppLovin (previously $398.00 million), Zillow Group (Z and ZG combined, previously $347.30 million), Netflix (previously $234.51 million), and Zscaler (previously $221.63 million), along with exits in Procore Technologies ($133.35 million) and Lumentum Holdings ($96.14 million).

Position changes