David Tepper's Appaloosa Portfolio: 15.16% in Amazon, Tech Focus
Appaloosa Management's portfolio, as of March 31, 2026, is dominated by large-cap US and Chinese tech stocks, with significant allocations to the Technology sector.
Introduction
David Tepper's Appaloosa Management continues to concentrate its massive portfolio, valued at $5.93 billion as of March 31, 2026, heavily on US and Chinese technology stocks. The fund's strategy appears focused on capturing gains from leading tech companies, particularly in the US, while also holding a significant position in consumer cyclical stocks like Amazon.
Top Holdings Analysis
The largest position in the portfolio is held by Amazon (AMZN), accounting for 15.16% of the total value. This is followed by a strong Technology sector allocation through multiple holdings: Micron (MU), Alphabet (GOOG), Uber (UBER), Taiwan Semiconductor (TSM), and NVIDIA (NVDA). Collectively, these five Technology stocks represent a substantial portion of the portfolio, highlighting a clear sector bias.
- Amazon (AMZN): Largest holding at 15.16% allocation, showing significant growth (+98.22%) in shares from the previous period.
- Micron (MU): 9.48% allocation, showing strong conviction with an 11.0% increase in shares.
- Alphabet (GOOG): 8.38% allocation, though shares decreased slightly (-3.03%).
- Uber (UBER): 7.68% allocation, showing massive growth (+242.31%) in shares.
- Taiwan Semiconductor (TSM): 7.56% allocation, with significant share increase (+17.48%).
- BABA (Alibaba): 7.33% allocation, showing a notable decrease (-32.56%) in shares.
Sector Concentration
The portfolio exhibits a high concentration in the Technology sector. While the data does not provide a complete sector breakdown, the Technology holdings alone (AMZN, MU, GOOG, UBER, TSM, NVDA) represent a significant portion of the portfolio. Amazon's Consumer Cyclical holding also contributes substantially. The portfolio includes diversification into Utilities (VISTRA, NRG) and includes a holding in an iShares fund (EWY), but the overall profile remains heavily tilted towards Technology and Consumer Cyclical stocks.
Investment Strategy and Changes
Appaloosa's strategy appears to involve significant conviction bets on specific large-cap technology companies, evidenced by the large allocations to Amazon, Micron, Alphabet, Uber, and Taiwan Semiconductor. The substantial increase in Uber shares (+242.31%) suggests a major strategic move into the ride-hailing company. Conversely, the significant reduction in Alibaba shares (-32.56%) indicates a reversal of position or underperformance assessment.
The overall strategy seems to favor US and Chinese tech stocks, with a particular emphasis on companies involved in e-commerce, semiconductors, and mobility platforms. The inclusion of utility stocks (VISTRA, NRG) and a broad market ETF (EWY) suggests some diversification or tactical positioning, but the core holdings point to a technology-focused approach with high conviction in specific names.
Conclusion
As of March 31, 2026, David Tepper's Appaloosa Management portfolio is characterized by its significant size and concentration in leading technology and consumer cyclical stocks, particularly US-based ones. The strategy involves substantial allocations to high-profile names like Amazon and Uber, alongside strong positions in semiconductor and mobility tech. The portfolio reflects a bet on the continued dominance and growth potential of technology, while also including some exposure to utilities and broad market instruments.