David Tepper, founder of Appaloosa Management, has made a concentrated allocation to artificial intelligence infrastructure stocks. According to the fund's Q2 2026 13F filing, approximately 40% of its $7.7 billion portfolio is invested in just three companies: Amazon, Micron Technology, and Taiwan Semiconductor Manufacturing Company (TSMC).
Amazon represents the largest position at roughly 15.4% of total assets, with Appaloosa holding 5 million shares valued at approximately $1.19 billion. This makes Amazon the single largest holding across the fund's 27 positions. Micron and TSMC round out the concentration, with the three companies collectively accounting for about $3.1 billion of the fund's holdings.
Portfolio composition and AI exposure
The three core positions reflect different layers of AI infrastructure. Micron manufactures high-bandwidth memory chips used in AI accelerators, while TSMC fabricates advanced processors that power GPUs and custom silicon. Amazon provides cloud services. Together, over three-quarters of Appaloosa's portfolio is now linked to AI growth in some form.
During Q2 2026, Tepper increased his stakes in both Amazon and TSMC. The fund also added Nvidia back to its holdings after previously trimming that position.
Recent portfolio moves
Appaloosa initiated two new positions during the quarter: CoreWeave, with 1.078 million shares, and SpaceX. The fund completely exited its SanDisk position, which had appreciated 591% year-to-date, with the position valued at roughly $179 million at the end of the prior quarter.
Context for investors
13F filings reflect positions as of the filing date, meaning holdings may have changed by the time public disclosure occurs. The filings do not capture short positions, options strategies, or international holdings that might offset apparent concentration levels. Appaloosa's filing shows zero exposure to cryptocurrency or digital asset investments.
