David Tepper

David Tepper’s Appaloosa LP entered 2026 with a concentrated bet on scale and cyclical recovery. Amazon is the anchor at 15.2% of the portfolio, a position nearly double the next largest holding. The fund pairs that consumer and cloud exposure with Micron Technology at 9.5%, Taiwan Semiconductor at 7.6%, and Nvidia at 4.3%. That cluster is a direct wager on memory pricing, AI capex, and the physical buildout of data centers. Tepper is not spreading across the semiconductor complex; he is holding the suppliers with the most earnings leverage to a supply-demand squeeze. The portfolio also carries a distinct China and energy tilt that separates it from most U.S. large-cap peers. Alibaba is 7.3% of assets, and Alphabet’s non-voting shares add another 8.4%. On the power side, Vistra and NRG Energy together account for roughly 9.4% of the book. That is a coordinated thesis: AI-driven electricity demand is a constraint on the same chip companies he owns. Appaloosa also holds a 5% position in the iShares Ethereum Trust, a smaller satellite that adds optionality without disturbing the core equity concentration. Tepper’s style remains high-conviction and cyclical. The top ten holdings make up about 74% of the fund, and he is not hedging that concentration with broad index exposure. The recent quarter shows he is leaning into the same names that drove prior performance rather than rotating into defensive sectors. His divergence from peers is the willingness to hold both the picks-and-shovels of AI and the utilities that power them, while keeping a large China position that most U.S. funds have abandoned.