Chip-equipment makers split: a clean add in Applied Materials, a mixed picture in Lam Research moderate (2026-W34)
The chip-equipment makers split this quarter. Applied Materials drew a clean add: Coatue's stake grew 25% (3.15M to 3.93M shares) and Altimeter opened a new $189.4M position. Lam Research was more mixed — Coatue trimmed 11% (5.24M to 4.64M shares) even as Altimeter and Tiger Global both opened new stakes ($170.8M and $1.37B respectively). Net new money is flowing into the equipment layer, but not uniformly across managers or names.