What Stocks Does David Tepper Own in 2026? Appaloosa's Latest 13F

Before we dive into the nitty-gritty of stock tickers, let's get to know the investor behind Appaloosa Management. David Tepper is often called one of Wall Street's most opportunistic and bold investors. He founded Appaloosa in 1993, and over the years, he's built a reputation for making incredibly well-timed, macro-driven calls. What does 'macro-driven' mean? It simply means he looks at the big picture – economic trends, interest rates, global events – to inform his investment decisions, rather than just focusing on individual company fundamentals. He's famous for buying distressed assets when others are fearful and selling when confidence returns. For example, he made a legendary bet on bank stocks during the 2009 financial crisis, which cemented his 'golden god' status among peers. While Appaloosa has transitioned more into a family office in recent years, his public 13F filings still offer a valuable glimpse into the thinking of a truly top-tier investor. His fund's performance in the first half of 2026, with a reported 32% return, certainly keeps him in the spotlight.

So, what exactly is a 13F filing? Think of it as a quarterly report card for large institutional investors like Appaloosa Management. The U.S. Securities and Exchange Commission (SEC) requires investment managers with over $100 million in assets to disclose their equity holdings every quarter. These filings are released with a 45-day lag, meaning the Q1 2026 filing, which covers holdings as of March 31, 2026, was made public on May 15, 2026. This lag is important to remember because by the time we see the data, Tepper might have already adjusted some positions. However, it still provides incredible insight into his investment philosophy and the major themes he's betting on. As of the Q1 2026 filing, Appaloosa Management's publicly disclosed equity portfolio stood at approximately $5.93 billion, a decrease from roughly $6.95 billion in Q4 2025. The number of holdings also became more concentrated, dropping from 38 to 31. This suggests a more focused approach, with Tepper honing in on his highest conviction ideas.

Appaloosa's Q1 2026 13F filing reveals a clear focus on a few high-conviction names, particularly within the technology and semiconductor sectors. His top five positions alone accounted for nearly half of the portfolio's total value. Leading the pack was Amazon.com (AMZN), which became Appaloosa's largest holding, representing about 15.16% of the portfolio. Tepper nearly doubled his stake in Amazon during the quarter, increasing it by an impressive 98.22%. This aggressive move signals strong conviction in the e-commerce and cloud computing giant, especially given Amazon's massive capital expenditure plans for AI infrastructure in 2026.

Another significant holding is Micron Technology (MU), making up around 9.48% of the portfolio. While there was a minor trimming of this position in Q1 2026, Micron has been a major contributor to Appaloosa's stellar 32% return in the first half of 2026, driven by high demand for its memory chips in the AI era. Alphabet Inc. (GOOGL), the parent company of Google, was also a top holding at 8.38% of the portfolio, despite a slight reduction of 3.03% in Q1. Alphabet's strong performance in its cloud division, Google Cloud, and substantial AI-related capital expenditures likely keep it a core holding.

Rounding out the top five were Uber Technologies (UBER), with Tepper aggressively increasing his stake by 242.31% to make it 7.68% of the portfolio, and Taiwan Semiconductor Manufacturing Company (TSM), where he boosted his position by 17.48%, making it 7.56% of the portfolio. Uber's focus on autonomous vehicle technology and TSM's critical role as a leading chip manufacturer align perfectly with Tepper's AI and tech-centric thesis.

Beyond the top holdings, Appaloosa's Q1 2026 filing also revealed some interesting new additions and significant reductions, painting a picture of a portfolio in active transition. A notable new position was SanDisk (SNDK), a memory chip manufacturer, which Appaloosa initiated a stake in during Q1 2026. This move further underscores Tepper's conviction in the memory chip sector, which has been a huge driver of his fund's performance this year. Other significant increases included Vistra Corp. (VST) and the iShares MSCI South Korea ETF (EWY).

On the selling side, Tepper significantly trimmed or exited several positions. He substantially reduced his exposure to Chinese e-commerce, cutting his stake in Alibaba Group Holding (BABA) by 33%, PDD Holdings (PDD) by 49%, and JD.com (JD) by 69%. This marks a clear rotation away from Chinese tech, a sector he previously held in higher regard. Other notable reductions included Meta Platforms (META), down 27%, and a substantial 82% cut in Microsoft Corp. (MSFT). Appaloosa also completely exited positions in several airline stocks, including American Airlines Group (AAL), Delta Air Lines (DAL), and United Airlines Holdings (UAL), as well as other companies like IQVIA Holdings (IQV) and Mohawk Industries (MHK). These changes highlight a strategic shift, moving away from past themes and consolidating capital into areas he believes offer the most compelling opportunities in the current market environment.

Looking at Appaloosa's Q1 2026 portfolio, a clear theme emerges: a strong bet on the artificial intelligence (AI) ecosystem. Tepper's strategy appears to be focused on the foundational layers of AI, including memory chips, semiconductor manufacturing, and the hyperscale cloud providers that power AI development. His significant increases in Amazon, Uber, and Taiwan Semiconductor, coupled with the new position in SanDisk, all point to this overarching theme. He seems to be looking for companies that will benefit from the massive build-out of AI infrastructure, rather than just the AI software companies themselves. This macro-driven approach, identifying a major technological shift and investing in its core enablers, is classic Tepper. The fund's impressive 32% return in the first half of 2026, largely attributed to its memory chip bets, validates this strategy. It shows that even with a substantial cash allocation of around 40%, concentrated, high-conviction investments in the right macro trend can yield exceptional results.