David Tepper's Appaloosa Management Q2 2026 Investment Changes

As reported for the period ending June 30, 2026, Appaloosa Management's portfolio under David Tepper experienced notable changes. The firm maintained substantial positions in Amazon (AMZN) and Micron Technology (MU), while diversifying into other sectors.

Major Holdings

The bulk of the fund's assets remain concentrated in large-cap US stocks, with a significant portion allocated to Consumer Cyclical holdings. The largest position is still held by Amazon.com Inc (AMZN), valued at approximately $1.19 billion and accounting for 15.95% of the total portfolio value.

Technology remains another cornerstone sector for Tepper's investment strategy, with combined allocations to NVIDIA Corporation (NVDA) and Micron Technology Inc (MU) representing a substantial portion of the portfolio. The specific allocation percentages are broken down as follows:

• Micron Technology (MU): $1.13 billion, 15.06%
• NVIDIA Corporation (NVDA): $305 million, 4.08%
• Taiwan Semiconductor Manufacturing Co. (TSM): $788 million, 10.55%

Growth in Technology and Communication Services

Appaloosa Management demonstrated a clear preference for growth stocks within the Technology and Communication Services sectors during this quarter.

• Taiwan Semiconductor Manufacturing Co. (TSM) saw an increase in shares held by Tepper, rising by 24.29% to reach a portfolio allocation of 10.55%
• NVIDIA Corporation (NVDA) also increased slightly in shares held, growing by 3.64%, adding $2 million to its position.
• Furthermore, Tepper significantly boosted his stake in Alphabet Inc (GOOG), increasing it by 6.77% through share growth of over 100,000 shares.

Significant Purchases and Portfolio Diversification

The period also saw Appaloosa Management making notable additions to its portfolio beyond the core holdings in Technology. This diversification included investments into other established US companies across various sectors.

• Baidu Inc (BIDU) experienced a substantial increase of over 870,000 shares, representing an 87.11% growth in the position.
• The firm also acquired a significant stake in American Airlines Group Inc (AAL), adding nearly one million shares to its existing holdings.
• Additionally, David Tepper increased his investment in Boeing Co (BA) by over 590,000 shares, marking an impressive 280.95% growth for this position.

Substantial Reductions and Exits

Conversely, the data indicates a major shift away from certain stocks during Q2 2026.

• Whirlpool Corporation (WHR) saw its position drastically reduced by over one million shares, representing a -63.33% change and now accounting for just 0.38% of the portfolio.
• Alibaba Group (BABA) also experienced a significant reduction in its stake, decreasing by -42.28%
• The position in Goodyear Tire & Rubber Co (GT) was reduced by nearly one million shares.

Sector Allocation Shifts

These changes reflect a dynamic portfolio management approach, with Technology maintaining its largest allocation at $3.0 billion or 40.83% of the total value.

• The Consumer Cyclical sector remains strong but slightly smaller than Technology, valued at approximately $1.42 billion (19.41%)
• Communication Services allocation stands at around $1.18 billion (16.13%), including positions in Alphabet Inc and Meta Platforms Inc.
• The Utilities sector saw a slight increase, now representing about $0.61 billion or 8.31% of the portfolio value.