Stephen Mandel’s $13.6B Lone Pine Capital Sells Meta and Adds ASML in AI Semis Pivot

Lone Pine Capital LLC, the concentrated growth firm run by Tiger Cub Stephen Mandel, disclosed a $13.61 billion equity portfolio in its February 13F filing, with the $971 million Meta stake fully exited and a new $647 million ASML position added in a sharp pivot toward AI semiconductor foundries.

On February 17, 2026, Lone Pine Capital LLC filed its quarterly 13F-HR (the SEC form U.S. institutional managers use to disclose their stock holdings 45 days after each quarter end) reporting $13.61 billion in equity positions across 32 names as of December 31, 2025. The fund, founded in 1997 by Stephen Mandel, the Tiger Cub trained under Julian Robertson at Tiger Management before launching Lone Pine in Greenwich, runs a concentrated growth book. The December quarter shows a sharp pivot.

That trade aligns with what other Tiger Cubs lineage funds disclosed in the same quarter. Coatue exited CoreWeave and added Applied Materials. Tiger Global trimmed Microsoft, Amazon, and Nvidia in shares. The picks-and-shovels of artificial intelligence, the chip foundries and the data-center power producers, have been the net beneficiaries of these rotations.

Lone Pine Capital at $13.6B: How the Book Is Changing

The disclosed equity book finished December at $13.61 billion, up modestly from $13.24 billion at end-September. The 3 percent dollar gain underplays the actual move. Lone Pine fully exited eight positions in the quarter that together totaled more than $3.5 billion at end-September, including the $971 million Meta Platforms stake that had been the fund’s single-largest position three months earlier. Starbucks at $471 million, EQT at $455 million, Flutter Entertainment at $440 million, Sea Ltd at $334 million, Ciena at $292 million, and Etsy at $258 million also disappeared from the book, with Booking Holdings trimmed to a tiny residual stake. Ten new positions arrived to absorb the proceeds, anchored by ASML at $647 million and DoorDash at $573 million.

The Top Positions and How They Changed

Top 5 positions hold about 29 percent of the book. Top 11 hold about 51 percent. The table below shows each position’s value at the end of September 2025 alongside its value at the end of December 2025, and the percent change.

Why This 13F Matters Right Now

This 13F is the freshest public read on what Lone Pine actually owns until the Q1 2026 filing arrives by mid-May. The pattern is striking when set against the prior 13F. Meta Platforms had been Lone Pine’s single-largest position at end-September 2025 at $971 million. Its complete absence from the December book ranks as the largest dollar exit Lone Pine disclosed across its 2025 quarterly filings. ASML’s $647 million debut is the second-largest brand-new build by dollar value in the same quarter, behind only DoorDash at $573 million. The combined effect is that Lone Pine’s disclosed semiconductor weight, including Taiwan Semi, ASML, Broadcom, Entegris, and Amphenol, now sits near $2.81 billion, ahead of its U.S. mega-cap technology weight in Microsoft and Amazon at roughly $1.15 billion.

What to Watch

The May 15 deadline: Lone Pine files its Q1 2026 13F-HR by mid-May 2026. The first thing to check is whether the ASML stake grew past 605,000 shares and whether Talen Energy moved into the top ten alongside Vistra.

Top-five concentration: The top five hold about 29 percent of the book at end-December, lower than the 35 percent level at end-September. Whether the next 13F restores the higher concentration or holds at this lower level tells you if Mandel is rotating into a new core book or running a more diversified rotation.

The data-center power story: Vistra and Talen Energy together total about $1.32 billion, both up in shares quarter over quarter. Whether this builds further (Constellation Energy or Public Service Enterprise Group entering the book) or stays at this size is the test of whether Lone Pine sees data-center power as the durable picks-and-shovels of AI.