Chase Coleman’s Q1 2026 13F landed Friday. The headline: Tiger Global — the $78 billion fund built on a Julian Robertson pedigree — initiated brand new positions in Intel (INTC) and Robinhood Markets (HOOD) while fully liquidating Workday (WDAY) and Circle Internet Group (CRCL), and trimming its Microsoft stake. That’s not a rebalance. That’s a deliberate thesis rotation, and the numbers behind it are worth understanding.

The Intel Position

Tiger’s 1.6 million INTC shares were valued at $72.3 million as of March 31. Coleman was stepping into a turnaround story that the market had been debating for two years — and the debate got settled three weeks later. On April 23, Intel posted Q1 2026 revenue of $13.58 billion, crushing the $12.42 billion consensus by 9.4%. Non-GAAP EPS came in at $0.29 against a $0.01 estimate — a 2,800% beat. Shares surged over 20% in after-hours trading.

The underlying numbers are just as important. Data Center and AI revenue grew 22% year-over-year to $5.1 billion, making it Intel’s fastest-growing segment. AI-driven businesses now represent 60% of total revenue and grew 40% year-over-year. Non-GAAP gross margin came in at 41% — approximately 650 basis points above guidance. Q2 guidance calls for revenue of $13.8–$14.8 billion, well above the prior $13.07 billion consensus, though non-GAAP gross margin guidance steps down to 39% as the 18A node ramp matures. That margin trajectory is the key variable to watch when Intel reports on July 23.

The Robinhood Bet

Tiger’s 400,000-share HOOD position was valued at $10.6 million — smaller, but the structural argument is compelling. Robinhood’s Q1 2026 print was messy on the surface: revenue of $1.07 billion missed the $1.14 billion consensus, and EPS of $0.38 trailed estimates, snapping a four-quarter streak of beats. The culprit was crypto — revenue in that segment collapsed 47% year-over-year to $134 million.

Look past the headline and the platform fundamentals hold up. Total net revenues grew 15% year-over-year. Funded customers expanded 6% to a record 27.4 million. Adjusted EBITDA rose 14% to $534 million. Net income grew 3% to $346 million. Transaction-based revenues still grew 7% to $623 million, driven by a 320% surge in event contracts and 46% growth in equities. For the trailing twelve months ending Q1 2026, Robinhood posted a Rule of 40 score of 98% — combining 42% revenue growth with a 56% adjusted EBITDA margin. CFO Shiv Verma confirmed Q2 is tracking well, with April net deposits at approximately $5 billion month-to-date despite tax season.

The Exits

Tiger also raised its Broadcom and Nvidia stakes — the semiconductor concentration deepens. What you sell is as telling as what you buy. The Workday exit suggests Coleman sees compressed upside in legacy enterprise software as AI-native alternatives gain ground. The Circle Internet Group exit — a position initiated as recently as Q2 2025 — signals either a valuation or regulatory thesis change on the stablecoin space. The Microsoft trim is part of a broader pattern: Tiger rotating from software incumbents toward infrastructure and platform plays with more defined AI leverage.

The 13F reflects March 31 positioning. Prices have moved materially since. The data point matters — what a $78 billion fund saw as mispriced three months ago is worth understanding. What happens next is yours to assess.

For informational and educational purposes only. Not investment advice. Trading involves risk, including loss of principal.