We break down the stocks Sequoia Capital bought, sold, and held in Q2 2024, including their holdings at the end of the quarter. All data sourced from Sequoia Capital Global Equities' 13F filed on August 14, 2024.
Who is Sequoia Capital?
Sequoia Capital Global Equities (SCGE) is the public markets investment arm of the prestigious Sequoia Capital. Founded as an extension of Sequoia's venture capital heritage, SCGE focuses on technology and high-growth companies across global markets. The firm leverages Sequoia's deep industry networks and expertise to identify public market opportunities with significant growth potential.
Sequoiacap.com/scge
Wikipedia on Sequoia Capital
Portfolio Changes in Q2 2024
New positions
Sequoia Capital initiated three new positions during Q2 2024, adding Eaton (ETN) with 149,500 shares valued at $46.9 million, Micron (MU) with 325,000 shares worth $42.7 million, and Lucid (LCID) with 5.1 million shares valued at $13.4 million.
Bought
Sequoia Capital significantly increased its stake in Nvidia (NVDA) by adding 4.0 million shares, bringing the total position to 4.5 million shares, while also adding to positions in Nu Holdings (NU) with an additional 3.2 million shares and Coupang (CPNG) with 2.4 million more shares.
Sold
Sequoia Capital completely liquidated positions in AMD (1.4 million shares worth $253.8 million), Fortinet (FTNT) (753,000 shares), and Global-e (GLBE) (900,000 shares), while significantly trimming holdings in Block (SQ) by reducing the position by 81% and also reducing stakes in Shopify (SHOP), Microsoft (MSFT), and HubSpot (HUBS).
New Investments in Q2 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| ETN | Eaton | 45.5% | NEW | $46.88M |
| MU | Micron | 41.5% | NEW | $42.75M |
| LCID | Lucid | 13.0% | NEW | $13.35M |
Eaton ETN
Sequoia Capital bought $46.88M of Eaton in Q2 2024. Eaton Corporation reported record first quarter 2025 results with 9% organic sales growth and 23.9% segment margins, driving adjusted EPS of $2.72 (up 13% YoY). The company raised full-year organic growth guidance as Electrical Americas and Aerospace segments saw 12% sales growth each, while Vehicle segment sales declined 15% due to weaker demand. Strong backlog growth (6% in Electrical, 16% in Aerospace) and a 1.1 book-to-bill ratio position Eaton for continued momentum despite macroeconomic volatility.
- Q1 2025 EPS of $2.45 (+20% YoY) and adjusted EPS of $2.72 (+13% YoY), beating estimates by $0.02.
- Revenue surged to $6.38B (+7% YoY), exceeding expectations by $110M with record segment margins up 80 bps.
- Raised full-year guidance to $11.80-$12.20 adjusted EPS (+11% midpoint) on 6-16% backlog growth in key segments.
Micron MU
Sequoia Capital bought $42.75M of Micron in Q2 2024. Micron Technology delivered record fiscal Q1 2025 revenue of $8.71 billion, up 12.4% sequentially and 84% YoY, driven by explosive 400% YoY growth in data center revenue from AI demand. The company now holds 20.5% market share in memory semiconductors, outperforming peers in key segments. Despite strong fundamentals, shares remain 30% below all-time highs as analysts project 30% upside potential based on AI-driven memory cycle recovery.
- Data center revenue grew 40% QoQ and 400% YoY in Q1, accounting for over 50% of total revenue for the first time.
- GAAP net income surged to $1.87 billion in Q1 from $1.4 billion operating cash flow, with gross margin expanding to 39.5%.
- Analysts project 750% EPS growth over three years as AI server demand drives memory pricing recovery, with shares trading at 14x forward earnings.
Lucid LCID
Sequoia Capital bought $13.35M of Lucid in Q2 2024. Lucid Group (LCID) reported mixed Q1 2025 results with $235 million revenue missing estimates but showing 58% YoY delivery growth (3,109 vehicles). While narrowing losses and maintaining $4.56 billion liquidity, profitability remains challenged with -97.2% gross margin. The stock edged higher on production momentum as the company reaffirmed its 2025 target of 20,000 vehicles and prepares for Lucid Gravity SUV launches.
- Q1 vehicle deliveries surged 58% YoY to 3,109 units despite revenue missing estimates by $11 million.
- Narrowed EPS to -$0.20 (vs. -$0.23 expected) with gross margin improving from -134.3% to -97.2%.
- Maintained 2025 production target of 20,000 vehicles (double 2024 output) with Gravity SUV launch imminent.
Holdings at the end of Q2 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| NOW | ServiceNow | 15.2% | $777.23M | |
| META | Meta | 14.0% | $717.51M | |
| MSFT | Microsoft | 11.2% | Trimmed (-15%) | $572.1M |
| NVDA | Nvidia | 11.0% | Added (+746%) | $561.49M |
| NU | Nu Holdings | 9.2% | Added (+10%) | $473.18M |
| AMZN | Amazon | 8.6% | $438.29M | |
| SHOP | Shopify | 5.9% | Trimmed (-14%) | $300.33M |
| LRCX | Lam Research | 4.9% | $250.24M | |
| HUBS | HubSpot | 4.7% | Trimmed (-17%) | $238.28M |
| CPNG | Coupang | 4.5% | Added (+27%) | $230.83M |
| PDD | PDD Holdings | 3.3% | $169.64M | |
| PANW | Palo Alto Networks | 2.6% | $132.89M | |
| CDNS | Cadence | 2.3% | $116.94M | |
| ETN | Eaton | 0.9% | NEW | $46.88M |
| MU | Micron | 0.8% | NEW | $42.75M |
| TSM | Taiwan Semiconductor | 0.3% | $15.78M | |
| LCID | Lucid | 0.3% | NEW | $13.35M |
| SQ | Block | 0.2% | Trimmed (-81%) | $11.2M |
| CART | Maplebear | 0.2% | $9M | |
| AMD | AMD | 0.0% | Exited | $0 |
| FTNT | Fortinet | 0.0% | Exited | $0 |
| GLBE | Global-e | 0.0% | Exited | $0 |
Disclaimer: All posts on Scout are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.
