Hedge fund manager Philippe Laffont added to his position in CoreWeave, an artificial intelligence stock that works closely with Nvidia.

Billionaire Philippe Laffont is one of the most successful investors on Wall Street. He is the portfolio manager at Coatue Management, a hedge fund that beat the S&P 500 ( ^GSPC -0.38% ) by 122 percentage points during the three-year period that ended in June.

Laffont made some notable trades in the second quarter. He sold 596,100 shares of Amazon ( AMZN 0.39% ) , trimming his stake 5%. He also bought 3.3 million shares of CoreWeave ( CRWV -3.58% ) , an AI stock backed by Nvidia ( NVDA -0.26% ) , which now ranks as his largest holding at 8% of his portfolio. CoreWeave stock is up 230% since going public earlier this year.

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