Tiger Global 13-F: Takes new stake in SpaceX (SPCX), exits stake in Klarna (KLAR)

• New stake: SPCX, V
• Increases stake: INTC,
• Reduces stake: MSFT, UNH, AVGO, TSM.
• Exits stake: KLAR

Thirteen-F filings of this kind are backward-looking by construction, typically landing well after the quarter they describe, so the information content has historically been about conviction and positioning rather than fresh fundamental signal. The usual market treatment of large crossover funds is that initiation in a private or pre-listing name is read as a directional vote on that asset class rather than as anything tradeable in the public tape, while trims and exits in liquid megacaps are more often attributed to funding and rebalancing than to a view on the names themselves. The split worth drawing here is between the new positions, which carry the most signal, and the reductions across semis, software and managed care, which are more consistent with profit-taking or portfolio rotation. Tiger Global's prior form has been high-conviction, high-turnover positioning across growth and private tech, and its filings have historically attracted more attention as a style barometer than as a stock-level tell. The follow-ons of interest are whether peer hedge fund filings show a similar rotation out of crowded megacap tech and into payments and private-market exposure, since clustering across filers is what has tended to move consensus positioning narratives in past filing seasons. As a single filing, the signal is directional and stale by design.