David Tepper's Stock Trades Q2 2026: Full Breakdown

David Tepper's Q2 2026 13F: What He Bought and Sold

Appaloosa Management's latest quarterly filing shows David Tepper making aggressive moves across technology and consumer stocks. The fund's $7.5 billion portfolio now holds 25 positions, with six major new or increased bets and five complete exits. The clearest signal: a doubling down on mega-cap tech through Amazon, Taiwan Semiconductor, Google, and Meta, offset by a steep 41 percent reduction in Micron.

!Appaloosa's Top 10 Holdings. Amazon and Micron dominate the portfolio, together representing 31% of the $7.5B book. Top 10 positions account for 81.6% of total holdings.

Which stocks did Tepper buy this quarter?

Tepper's biggest new conviction plays appear to be semiconductor and cloud exposure. He added 16 percent to Amazon, bringing that position to $1.2 billion and cementing it as the portfolio's largest single bet. He also added 24 percent to Taiwan Semiconductor, now worth $788 million. In advertising and AI, he increased Meta by 55 percent (a jump to $380.2 million) and Google by 7 percent ($653.7 million). Ride-sharing got a boost too: he added 22 percent to Uber, now valued at $555.2 million. He also increased Vistra by 10 percent to $351.4 million, signaling continued interest in power generation.

Which stocks did Tepper sell or exit?

The trimming was just as decisive. Micron took the hardest hit, cut by 41 percent but still worth $1.1 billion, suggesting Tepper is reducing but not abandoning semiconductor exposure outside of TSM. He also cut Alibaba by 42 percent to $192 million, AMD by 11 percent to $114.7 million, and Qualcomm by 50 percent to $46.2 million. Whirlpool was trimmed 63 percent to just $28.2 million.

Five positions were fully exited: SanDisk (was $178.7 million), Corning (was $153.6 million), PDD Holdings (was $92 million), L3Harris Technologies (was $68.3 million), and Raytheon Technologies (was $66 million). These sales removed roughly $559 million in combined exposure and freed capital for the new pushes into Amazon and Meta.

What's the largest position and is Tepper bullish or bearish on it?

Amazon is now Appaloosa's single largest holding at 15.9 percent of the book, worth $1.2 billion. Tepper added to it despite its current valuation being 24 percent below SteadyShares' fair value estimate. That suggests he views the recent weakness as an opportunity. The second-largest position, Micron at 15.1 percent ($1.1 billion), tells a different story: it's 85 percent below our fair value, and Tepper cut it hard, signaling either skepticism about the valuation case or concerns about near-term headwinds in memory chip demand.

How concentrated is the portfolio now?

Appaloosa remains highly concentrated. The top 10 holdings represent 81.6 percent of the $7.5 billion book. That's typical of Tepper's style, but it means Appaloosa is betting heavily that mega-cap tech will outperform through the rest of 2026. Technology itself makes up 26.6 percent of the portfolio by sector, with Consumer at 18.5 percent and a 17.1 percent allocation to stocks not classified into a sector. Utilities and Communication Services round out the major buckets at 8.1 percent and 8.8 percent respectively.

What do the moves say about Tepper's market view?

The filing shows a clear strategic choice: Tepper is rotating into mega-cap tech and out of mid-tier chip stocks and industrial names. The aggressive additions to Amazon, Meta, Google, and TSM, combined with the exit from RTX and the trim of AMD and Qualcomm, suggest he believes the largest, most liquid AI plays offer better risk-reward than broader semiconductor exposure. The retention of Micron as a 15 percent position despite cutting it 41 percent also indicates he hasn't lost conviction, just is taking chips off the table at what he may see as interim weakness.

The exits from SanDisk and Corning, both legacy chipmaking and materials plays with secular headwinds, appear to be a farewell to older tech hardware bets. The complete removal of RTX signals no appetite for defense spending. By contrast, the 55 percent jump in Meta suggests Tepper is betting Meta's AI investments and advertising recovery will drive returns well above current levels.

You can verify these trades yourself on David Tepper's Appaloosa profile and cross-check individual positions against their latest stock pages on SteadyShares.

The bottom line

Tepper is making a concentrated bet on mega-cap tech and AI exposure through Amazon, Meta, and Google, while stepping back from Micron and exiting legacy semiconductor and defense names. The 81.6 percent concentration in the top 10 names leaves little room for error, but the shift toward the market's largest, most-liquid names signals confidence in their ability to drive returns.

This is educational information, not financial advice.