Coatue Management, the hedge fund firm led by Philippe Laffont, increased its stake in Nvidia by 893% in Q2 to 13.75 million shares with the position in the chipmaker now accounting for 6.61% of the firm's investment portfolio, according to a report by Benzinga.

The report cites recent 13F filings as showing that Coatue's stake surged from 1.39 million shares at the end of Q1 even as other hedge funds including Citadel and DE Shaw cut their holdings in the business.

Coatue's Nvidia stake is currently valued at approximately $1.7bn and the firm isn't the only hedge fund to have bought the chipmaker in Q2.

Renaissance Technologies expanded its stake by 1.5 million, to seven million shares valued at $867m, while Marshall Wace acquired 3.7 million additional shares, boosting its investment to $1.5bn.