Key Takeaways
- Tiger Global opened a $392 million position in Advanced Micro Devices in the second quarter, while Cathie Wood’s ARK Invest cut its AMD shares by 48%, their 13Fs for the quarter ended June 30 show.
- Even after the cut, AMD was ARK’s second-largest holding at 5.3% of its 13F stocks, up from 4.3% at March 31.
- Analysts’ 2027 EPS estimate has more than doubled in a year, and AMD’s forward P/E has fallen to 45x from 67x at the end of June.
- AMD reports third-quarter results after the close on November 3.
Two well-known funds went opposite ways on Advanced Micro Devices (AMD) in the second quarter, and the one that sold ended up with the bigger bet.
Chase Coleman’s Tiger Global opened a new AMD position, its 13F for the quarter ended June 30, filed August 14, shows. Cathie Wood’s ARK Invest cut its AMD shares by 48%, according to its own 13F, filed the same day. AMD reports third-quarter results after the close on Tuesday, November 3, and both funds’ September 13Fs are due by November 16.
Tiger Global Started Small
Tiger Global held 674,727 AMD shares worth $392 million on June 30. That was 1.6% of its $23.98 billion in US stocks, making AMD its 19th-largest of 46 positions.
AMD is down 13% since June 30. That’s only the move since quarter-end: neither filing shows when a fund traded, what it paid, or whether it still holds the shares.
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ARK Sold Half and Still Had the Bigger Bet
ARK’s cut left it with plenty of AMD. On June 30, it held 1.42 million shares worth $823 million, 5.3% of its $15.40 billion in US stocks and its second-largest of 189 positions.
That weight was up from 4.3% at March 31. ARK sold about half its shares, and AMD still grew as a share of the fund, because the stock’s run in the quarter outpaced the sale. That’s a trim into a rally, not a vote against AMD. ARK also had more than twice Tiger Global’s dollars in AMD, at more than three times the weight.
Earnings Estimates Have More Than Doubled
AMD’s second quarter shows why. Revenue rose 50% to $11.5 billion, and Data Center revenue more than doubled, up 107% to $6.7 billion, or 58% of the total.
Analysts expect normalized EPS to jump from $4.17 in 2025 to $7.62 this year and $15.94 in 2027. A year ago, they had $7.43 for 2027, so that estimate has more than doubled, driven by Helios, AMD’s rack-scale AI system, and surging server chip demand. Helios began ramping in the second half, and Anthropic’s first gigawatt of it is slated for the first half of 2027.
With estimates up and the stock off its highs, AMD’s forward P/E is down to 45x from a five-year high of 67x at the end of June. That’s still well above its 35x five-year average, so the stock isn’t cheap.
The mean price target is $640, up from $240 a year ago and 27% above Friday’s $504.80 close. Individual targets range from $365 to $1,250.
Why Tiger Global’s Bet Looks Better From Here
The risk sits in 2027. Analysts expect Helios to ship at scale to AI labs that still have to build, and pay for, the data centers to hold it. AMD is helping with that bill: it granted OpenAI a warrant for up to 160 million shares, and it has committed to invest up to $5 billion in Anthropic, tied to deployment milestones. When a supplier funds its customers, estimates built on those customers deserve some skepticism.
Still, I’d side with Tiger Global from here. AMD costs about a third less against forward earnings than it did at the end of June, and if Helios ships on schedule, a 45x multiple can come down through earnings rather than price. ARK’s trim is hard to fault either: it took money off the table after a big run and kept AMD near the top of its portfolio.
Tuesday’s report is the first test. AMD guided third-quarter revenue to about $13 billion, give or take $300 million. A result at the top of that range, with Helios on track, would back the buyer. The September 13Fs, due by November 16, will show whether Tiger Global added and ARK kept selling.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any of the stocks mentioned. Thank you for reading, and happy investing!
