Investors / David Tepper
David Tepper
From 2009 distressed bonds to 2026 AI infrastructure — the macro hand reads cycles and trims into strength
AI Holdings
13 positions · Q1 2026| # | Ticker | Company | Layer | Value | Shares | % of AUM | Entry-Q range |
|---|---|---|---|---|---|---|---|
| 1 | AMZN | Amazon.com Inc | InfraApp | $899.7M | 4.3M shares | 15.2% | — |
| 2 | MU | Micron Technology | ChipEnabler | $562.5M | 1.7M shares | 9.5% | $166–$299avg $229 · 2025-12 |
| 3 | GOOG | Alphabet Inc Class C | InfraAppModel | $497M | 1.7M shares | 8.4% | — |
| 4 | TSM | Taiwan Semiconductor (ADR) | Chip | $448.6M | 1.3M shares | 7.6% | $81–$111avg $93 · 2023-06 |
| 5 | BABA | Alibaba Group Holding (ADR) | InfraModel | $434.7M | 3.5M shares | 7.3% | — |
| 6 | NVDA | NVIDIA Corp | Chip | $256.6M | 1.5M shares | 4.3% | $14–$28avg $22 · 2023-03 |
| 7 | META | Meta Platforms Inc | AppModel | $249.7M | 436.5K shares | 4.2% | — |
| 8 | GLW | Corning Inc | Enabler | $153.6M | 1.1M shares | 2.6% | $44–$51avg $47 · 2024-12 |
| 9 | BIDU | Baidu Inc (ADR) | AutonomyModelApp | $77.1M | 692.1K shares | 1.3% | $116–$151avg $131 · 2023-06 |
| 10 | ASML | ASML Holding NV (ADR) | ChipEnabler | $65.4M | 49.5K shares | 1.1% | $606–$747avg $679 · 2023-06 |
| 11 | QCOM | Qualcomm Inc | Chip | $64.2M | 498.6K shares | 1.1% | $101–$128avg $115 · 2023-06 |
| 12 | AMD | Advanced Micro Devices | Chip | $45M | 221.4K shares | 0.8% | $81–$133avg $104 · 2023-06 |
| 13 | MSFT | Microsoft Corp | InfraAppModel | $33.3M | 90K shares | 0.6% | $367–$431avg $404 · 2024-03 |
This page covers Appaloosa LP's 13F-HR filings only — Tepper's US-equity book, currently $5.93B AUM across 31 holdings. The AI universe filter surfaces $3.79B (63.8% AUM) across 13 positions spanning chip (MU/TSM/NVDA/ASML/QCOM/AMD), infrastructure (AMZN), models (GOOG/META/MSFT), China AI (BABA/BIDU), and AI-data-center enabler GLW.
BABA, the China-AI anchor, peaked at $1.22B (9.23M shares) in 2025-Q1 and has been trimmed every quarter since — now $435M (3.47M shares), down 69% over four quarters. This is a long-term holder taking profit on strength, not an exit.
Tepper's pre-2019 Appaloosa Management LP (the hedge fund, which returned outside capital in 2019) is a separate SEC entity and is not included; this page reflects the family-office era (Appaloosa LP, CIK 0001656456) only.
Holdings Timeline
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
AMZN
ADD+1M
ADD+588K
ADD+200K
TRIM−122K
TRIM−353K
TRIM−275K
TRIM−600K
TRIM−90K
ADD+190K
TRIM−200K
TRIM−321K
ADD+2M
MU
ADD+1M
HOLD
TRIM−185K
HOLD
TRIM−40K
TRIM−125K
ADD+150K
TRIM−800K
ADD+425K
TRIM−325K
ADD+1M
ADD+165K
GOOG
ADD+200K
ADD+440K
TRIM−450K
TRIM−225K
TRIM−150K
TRIM−43K
TRIM−1
ADD+128K
TRIM−510K
TRIM−113K
ADD+399K
TRIM−54K
TSM
NEW+2M
TRIM−775K
TRIM−500K
HOLD
TRIM−40K
TRIM−60K
TRIM−150K
ADD+20K
ADD+755K
ADD+35K
ADD+70K
ADD+198K
BABA
ADD+4M
TRIM−875K
ADD+750K
ADD+7M
TRIM−750K
TRIM−500K
ADD+2M
TRIM−3M
TRIM−2M
TRIM−617K
TRIM−1M
TRIM−2M
AAPL↓ Put
—
—
—
—
—
—
—
NEW+1M
—
—
—
—
NVDA
ADD+870K
ADD+5K
TRIM−235K
TRIM−348K
ADD+248K
TRIM−65K
ADD+55K
TRIM−380K
ADD+1M
ADD+150K
TRIM−200K
TRIM−229K
META
ADD+803K
ADD+448K
TRIM−100K
TRIM−728K
TRIM−188K
TRIM−310K
TRIM−135K
ADD+60K
TRIM−150K
TRIM−30K
ADD+230K
TRIM−164K
GLW
—
—
—
—
—
—
NEW+2M
ADD+244K
ADD+6K
TRIM−125K
TRIM−55K
TRIM−441K
BIDU
NEW+1M
TRIM−610K
TRIM−40K
ADD+1M
TRIM−135K
TRIM−240K
ADD+103K
TRIM−753K
TRIM−150K
ADD+420K
TRIM−470K
ADD+117K
MU↑ Call
—
—
—
—
—
—
—
—
—
—
NEW+250K
—
ASML
NEW+80K
HOLD
HOLD
HOLD
ADD+8K
TRIM−10K
ADD+83K
TRIM−90K
HOLD
TRIM−6K
TRIM−2K
TRIM−13K
QCOM
NEW+2M
TRIM−550K
TRIM−300K
TRIM−10K
TRIM−150K
TRIM−40K
HOLD
TRIM−450K
HOLD
ADD+895K
TRIM−100K
TRIM−646K
MSFT↓ Put
—
—
—
NEW+150K
—
—
—
—
—
—
—
—
AMD
NEW+2M
TRIM−35K
TRIM−265K
TRIM−380K
TRIM−260K
TRIM−235K
ADD+65K
DROP
—
ADD+950K
TRIM−625K
TRIM−104K
MSFT
ADD+980K
ADD+395K
ADD+65K
TRIM−300K
TRIM−219K
TRIM−211K
HOLD
TRIM−460K
TRIM−10K
TRIM−38K
ADD+38K
TRIM−410K
ORCL
—
—
NEW+1M
ADD+975K
TRIM−300K
TRIM−427K
TRIM−173K
TRIM−700K
TRIM−550K
DROP
—
—
INTC
NEW+7M
TRIM−525K
TRIM−2M
TRIM−850K
TRIM−970K
TRIM−280K
TRIM−2M
DROP
ADD+8M
DROP
—
—
AAPL
NEW+480K
DROP
—
—
—
—
—
—
DROP
—
—
—
AVGO
NEW+120K
DROP
—
—
—
—
—
ADD+130K
DROP
—
—
—
ADBE
—
—
—
NEW+350K
ADD+10K
TRIM−160K
DROP
—
—
—
—
—
ANET
NEW+250K
HOLD
DROP
—
—
—
—
—
—
—
—
—
SNPS
NEW+145K
DROP
—
—
—
—
—
—
—
—
—
—
TSLA
DROP
—
—
—
—
—
—
—
—
—
—
—
CRM
DROP
—
—
—
—
—
—
—
—
—
—
—
NEW
ADD
HOLD
TRIM (light → heavy)
Not held
Hover any cell for share + value delta| Period | Action | Ticker | Δ Shares | Δ Value |
|---|---|---|---|---|
| Q1 2026 | ADD | AMZN | +2,140,609 | +$396.7M |
| Q1 2026 | TRIM | BABA | -1,672,931 | $-318.4M |
| Q1 2026 | TRIM | MSFT | -410,000 | $-208.5M |
| Q1 2026 | TRIM | META | -163,500 | $-146.3M |
| Q1 2026 | ADD | MU | +165,000 | +$134.4M |
| Q1 2026 | TRIM | QCOM | -646,387 | $-131.6M |
| Q1 2026 | ADD | TSM | +197,500 | +$105.2M |
| Q1 2026 | TRIM | GOOG | -54,231 | $-63.7M |
| Q1 2026 | TRIM | NVDA | -228,500 | $-60.4M |
| Q1 2026 | TRIM | AMD | -103,600 | $-24.6M |
| Q1 2026 | TRIM | GLW | -440,700 | +$16.1M |
| Q1 2026 | ADD | BIDU | +117,100 | +$2M |
| Q1 2026 | TRIM | ASML | -13,000 | $-1.5M |
| Q4 2025 | TRIM | BABA | -1,312,069 | $-399.7M |
| Q4 2025 | ADD | MU | +1,000,000 | +$344.5M |
| Q4 2025 | ADD | GOOG | +399,431 | +$222.8M |
| Q4 2025 | ADD | META | +230,000 | +$124.3M |
| Q4 2025 | TRIM | AMD | -625,000 | $-84.1M |
| Q4 2025 | NEW | MU↑ Call | +250,000 | +$71.4M |
| Q4 2025 | TRIM | BIDU | -470,000 | $-62.6M |
| Q4 2025 | ADD | TSM | +70,000 | +$47.3M |
| Q4 2025 | TRIM | AMZN | -320,609 | $-45.9M |
| Q4 2025 | TRIM | NVDA | -200,000 | $-37.5M |
| Q4 2025 | TRIM | QCOM | -100,000 | $-11.3M |
| Q4 2025 | TRIM | ASML | -1,500 | +$4.9M |
| Q4 2025 | TRIM | GLW | -54,800 | +$4.2M |
| Q4 2025 | ADD | MSFT | +37,500 | +$2.3M |
| Q3 2025 | TRIM | BABA | -617,271 | +$351.3M |
| Q3 2025 | DROP | INTC | -8,000,000 | $-179.2M |
| Q3 2025 | ADD | AMD | +950,000 | +$153.7M |
| Q3 2025 | ADD | QCOM | +895,000 | +$151.4M |
| Q3 2025 | ADD | BIDU | +420,000 | +$84.1M |
| Q3 2025 | ADD | NVDA | +150,000 | +$78M |
| Q3 2025 | TRIM | GOOG | -112,500 | +$71.8M |
| Q3 2025 | ADD | TSM | +35,000 | +$63.9M |
| Q3 2025 | TRIM | AMZN | -200,000 | $-43.4M |
| Q3 2025 | TRIM | GLW | -125,000 | +$41.3M |
| Q3 2025 | DROP | ORCL | -150,000 | $-32.8M |
| Q3 2025 | TRIM | META | -30,000 | $-23.5M |
| Q3 2025 | TRIM | MU | -325,000 | $-18M |
| Q3 2025 | TRIM | MSFT | -37,500 | $-9.2M |
| Q3 2025 | TRIM | ASML | -6,000 | +$5.9M |
| Q2 2025 | TRIM | BABA | -2,162,729 | $-419M |
| Q2 2025 | ADD | NVDA | +1,450,000 | +$244M |
| Q2 2025 | ADD | TSM | +755,000 | +$187.3M |
| Q2 2025 | ADD | INTC | +8,000,000 | +$179.2M |
| Q2 2025 | ADD | AMZN | +190,000 | +$114.8M |
| Q2 2025 | ADD | MU | +425,000 | +$66.9M |
| Q2 2025 | TRIM | ORCL | -550,000 | $-65.1M |
| Q2 2025 | TRIM | MSFT | -10,000 | +$57.3M |
| Q2 2025 | TRIM | GOOG | -510,000 | $-47.9M |
| Q2 2025 | DROP | AVGO | -130,000 | $-21.8M |
| Q2 2025 | TRIM | META | -150,000 | $-21.8M |
| Q2 2025 | TRIM | BIDU | -150,000 | $-17.7M |
| Q2 2025 | ADD | GLW | +6,371 | +$12.2M |
| Q2 2025 | HOLD | ASML | 0 | +$9.7M |
| Q2 2025 | HOLD | QCOM | 0 | +$2M |
| Q2 2025 | DROP | AAPL | 0 | $0 |
| Q1 2025 | NEW | AAPL↓ Put | +1,250,000 | +$277.7M |
| Q1 2025 | TRIM | MSFT | -460,000 | $-217.4M |
| Q1 2025 | TRIM | BABA | -2,613,158 | +$216.3M |
| Q1 2025 | DROP | AMD | -1,200,000 | $-144.9M |
| Q1 2025 | TRIM | ORCL | -700,000 | $-135.4M |
| Q1 2025 | TRIM | AMZN | -90,000 | $-92.9M |
| Q1 2025 | TRIM | QCOM | -450,000 | $-69.1M |
| Q1 2025 | TRIM | MU | -800,000 | $-66.2M |
| Q1 2025 | TRIM | ASML | -90,000 | $-64.5M |
| Q1 2025 | TRIM | NVDA | -380,001 | $-58.8M |
| Q1 2025 | TRIM | BIDU | -752,909 | $-57.5M |
| Q1 2025 | ADD | GOOG | +128,037 | $-44.4M |
| Q1 2025 | ADD | META | +60,000 | +$30.1M |
| Q1 2025 | ADD | AVGO | +130,000 | +$21.8M |
| Q1 2025 | DROP | INTC | -1,000,000 | $-20.1M |
| Q1 2025 | ADD | GLW | +243,629 | +$8.5M |
| Q1 2025 | ADD | TSM | +20,000 | $-4.6M |
| Q4 2024 | DROP | ADBE | -200,000 | $-103.6M |
| Q4 2024 | NEW | GLW | +1,500,000 | +$71.3M |
| Q4 2024 | TRIM | META | -135,000 | $-70.9M |
| Q4 2024 | ADD | BABA | +1,843,158 | $-57M |
| Q4 2024 | ADD | ASML | +82,500 | +$46.3M |
| Q4 2024 | TRIM | GOOG | -1 | +$43.8M |
| Q4 2024 | ADD | AMD | +65,000 | $-41.3M |
| Q4 2024 | TRIM | INTC | -1,500,000 | $-38.6M |
| Q4 2024 | TRIM | ORCL | -173,394 | $-34.8M |
| Q4 2024 | TRIM | AMZN | -600,000 | $-25.8M |
| Q4 2024 | ADD | BIDU | +102,909 | $-21.2M |
| Q4 2024 | TRIM | TSM | -150,000 | $-20.1M |
| Q4 2024 | ADD | NVDA | +55,001 | +$15.4M |
| Q4 2024 | HOLD | QCOM | 0 | $-13.1M |
| Q4 2024 | HOLD | MSFT | 0 | $-8.5M |
| Q4 2024 | ADD | MU | +150,000 | $-7.9M |
| Q3 2024 | TRIM | BABA | -500,000 | +$305.2M |
| Q3 2024 | TRIM | META | -310,000 | $-113.7M |
| Q3 2024 | TRIM | MSFT | -211,356 | $-110.6M |
| Q3 2024 | TRIM | ADBE | -160,000 | $-96.4M |
| Q3 2024 | TRIM | AMZN | -275,000 | $-75.3M |
| Q3 2024 | TRIM | MU | -125,000 | $-45.7M |
| Q3 2024 | TRIM | GOOG | -43,036 | $-38.4M |
| Q3 2024 | TRIM | AMD | -235,000 | $-36M |
| Q3 2024 | TRIM | QCOM | -40,000 | $-31.3M |
| Q3 2024 | TRIM | INTC | -280,000 | $-27.4M |
| Q3 2024 | TRIM | ASML | -10,000 | $-24.9M |
| Q3 2024 | TRIM | ORCL | -426,606 | $-14.3M |
| Q3 2024 | TRIM | TSM | -60,000 | $-10.5M |
| Q3 2024 | TRIM | NVDA | -65,000 | $-9.3M |
| Q3 2024 | TRIM | BIDU | -240,000 | +$6M |
| Q2 2024 | ADD | NVDA | +248,000 | $-314.1M |
| Q2 2024 | TRIM | INTC | -970,000 | $-79.5M |
| Q2 2024 | TRIM | META | -187,500 | $-73.6M |
| Q2 2024 | TRIM | AMD | -260,000 | $-72M |
| Q2 2024 | TRIM | MSFT | -218,644 | $-61M |
| Q2 2024 | TRIM | BABA | -750,000 | $-58M |
| Q2 2024 | TRIM | BIDU | -135,000 | $-45.5M |
| Q2 2024 | TRIM | GOOG | -150,000 | +$37.1M |
| Q2 2024 | ADD | ADBE | +10,000 | +$23.4M |
| Q2 2024 | TRIM | AMZN | -353,000 | $-19M |
| Q2 2024 | TRIM | TSM | -40,000 | +$11.9M |
| Q2 2024 | ADD | ASML | +7,500 | +$11.9M |
| Q2 2024 | TRIM | MU | -40,000 | +$11.3M |
| Q2 2024 | TRIM | ORCL | -300,000 | $-6.5M |
| Q2 2024 | TRIM | QCOM | -150,000 | $-296K |
| Q1 2024 | ADD | BABA | +6,900,000 | +$476.9M |
| Q1 2024 | NEW | ADBE | +350,000 | +$176.6M |
| Q1 2024 | ADD | ORCL | +975,000 | +$149.2M |
| Q1 2024 | ADD | BIDU | +1,175,000 | +$115.1M |
| Q1 2024 | TRIM | META | -727,500 | $-109.8M |
| Q1 2024 | TRIM | AMZN | -122,000 | +$90.3M |
| Q1 2024 | TRIM | INTC | -850,000 | $-65.5M |
| Q1 2024 | NEW | MSFT↓ Put | +150,000 | +$63.1M |
| Q1 2024 | TRIM | MSFT | -300,000 | $-50.3M |
| Q1 2024 | HOLD | MU | 0 | +$39.5M |
| Q1 2024 | TRIM | QCOM | -10,000 | +$23M |
| Q1 2024 | HOLD | ASML | 0 | +$17.1M |
| Q1 2024 | HOLD | TSM | 0 | +$16M |
| Q1 2024 | TRIM | GOOG | -225,000 | $-8.2M |
| Q1 2024 | TRIM | NVDA | -348,000 | +$8.1M |
| Q1 2024 | TRIM | AMD | -380,000 | $-2.1M |
| Q4 2023 | NEW | ORCL | +1,325,000 | +$139.7M |
| Q4 2023 | ADD | AMZN | +200,000 | +$123.5M |
| Q4 2023 | ADD | MSFT | +65,000 | +$123M |
| Q4 2023 | TRIM | META | -100,000 | +$69.4M |
| Q4 2023 | TRIM | AMD | -265,000 | +$62.4M |
| Q4 2023 | TRIM | NVDA | -235,000 | $-54.6M |
| Q4 2023 | DROP | ANET | -250,000 | $-46M |
| Q4 2023 | TRIM | GOOG | -450,000 | $-38.4M |
| Q4 2023 | TRIM | TSM | -500,000 | $-34.9M |
| Q4 2023 | ADD | BABA | +750,000 | +$24.9M |
| Q4 2023 | TRIM | BIDU | -40,000 | $-14.9M |
| Q4 2023 | HOLD | ASML | 0 | +$13.5M |
| Q4 2023 | TRIM | INTC | -1,650,000 | +$9M |
| Q4 2023 | TRIM | MU | -185,000 | +$8.4M |
| Q4 2023 | TRIM | QCOM | -300,000 | +$252K |
| Q3 2023 | ADD | META | +447,500 | +$154.2M |
| Q3 2023 | DROP | AVGO | -120,000 | $-104.1M |
| Q3 2023 | ADD | MSFT | +395,000 | +$94M |
| Q3 2023 | DROP | AAPL | -480,000 | $-93.1M |
| Q3 2023 | TRIM | TSM | -775,000 | $-92.2M |
| Q3 2023 | TRIM | BIDU | -610,000 | $-85.2M |
| Q3 2023 | ADD | GOOG | +440,000 | +$83.1M |
| Q3 2023 | TRIM | QCOM | -550,000 | $-75.8M |
| Q3 2023 | ADD | AMZN | +587,500 | +$64.4M |
| Q3 2023 | DROP | SNPS | -145,000 | $-63.1M |
| Q3 2023 | TRIM | BABA | -875,000 | $-60.7M |
| Q3 2023 | TRIM | AMD | -35,000 | $-29.2M |
| Q3 2023 | ADD | NVDA | +5,000 | +$14.4M |
| Q3 2023 | HOLD | ASML | 0 | $-10.9M |
| Q3 2023 | HOLD | MU | 0 | +$6.9M |
| Q3 2023 | HOLD | ANET | 0 | +$5.5M |
| Q3 2023 | TRIM | INTC | -525,000 | $-4.4M |
| Q2 2023 | ADD | NVDA | +870,000 | +$389.8M |
| Q2 2023 | ADD | BABA | +4,375,000 | +$362.8M |
| Q2 2023 | ADD | MSFT | +980,000 | +$347.3M |
| Q2 2023 | ADD | META | +802,500 | +$282.8M |
| Q2 2023 | NEW | AMD | +2,310,000 | +$263.1M |
| Q2 2023 | NEW | INTC | +6,775,000 | +$226.6M |
| Q2 2023 | NEW | QCOM | +1,850,000 | +$220.2M |
| Q2 2023 | ADD | AMZN | +1,162,500 | +$205.7M |
| Q2 2023 | NEW | TSM | +1,775,000 | +$179.1M |
| Q2 2023 | NEW | BIDU | +1,275,000 | +$174.6M |
| Q2 2023 | NEW | AVGO | +120,000 | +$104.1M |
| Q2 2023 | NEW | AAPL | +480,000 | +$93.1M |
| Q2 2023 | ADD | MU | +1,400,000 | +$88.4M |
| Q2 2023 | NEW | SNPS | +145,000 | +$63.1M |
| Q2 2023 | ADD | GOOG | +200,000 | +$60M |
| Q2 2023 | NEW | ASML | +80,000 | +$58M |
| Q2 2023 | DROP | CRM | -290,000 | $-57.9M |
| Q2 2023 | NEW | ANET | +250,000 | +$40.5M |
| Q2 2023 | DROP | TSLA | -150,000 | $-31.1M |
| Q1 2023 | ADD | AMZN | +500,000 | +$80.6M |
| Q1 2023 | ADD | META | +125,000 | +$79.2M |
| Q1 2023 | ADD | GOOG | +115,000 | +$42.4M |
| Q1 2023 | NEW | NVDA | +150,000 | +$41.7M |
| Q1 2023 | NEW | TSLA | +150,000 | +$31.1M |
| Q1 2023 | ADD | MSFT | +25,000 | +$18.6M |
| Q1 2023 | TRIM | CRM | -10,000 | +$18.2M |
| Q1 2023 | HOLD | BABA | 0 | +$1.4M |
| Q4 2022 | TRIM | META | -300,000 | $-49.5M |
| Q4 2022 | ADD | AMZN | +50,000 | $-37.9M |
| Q4 2022 | HOLD | GOOG | 0 | $-14.8M |
| Q4 2022 | ADD | CRM | +110,000 | +$12.4M |
| Q4 2022 | HOLD | MSFT | 0 | +$1.6M |
| Q4 2022 | ADD | BABA | +10,000 | +$1.6M |
| Q3 2022 | TRIM | META | -125,000 | $-42.5M |
| Q3 2022 | DROP | MU | -575,000 | $-31.8M |
| Q3 2022 | ADD | GOOG | +1,895,000 | $-26.9M |
| Q3 2022 | TRIM | MSFT | -15,000 | $-9.5M |
| Q3 2022 | TRIM | CRM | -10,000 | $-5.7M |
| Q3 2022 | TRIM | AMZN | -50,000 | +$4.5M |
| Q3 2022 | TRIM | BABA | -10,000 | $-4.2M |
| Q2 2022 | HOLD | GOOG | +100,000 | +$218.7M |
| Q2 2022 | HOLD | META | +1,000,000 | +$161.3M |
| Q2 2022 | HOLD | AMZN | +1,500,000 | +$159.3M |
| Q2 2022 | HOLD | MSFT | +250,000 | +$64.2M |
| Q2 2022 | HOLD | CRM | +200,000 | +$33M |
| Q2 2022 | HOLD | MU | +575,000 | +$31.8M |
| Q2 2022 | HOLD | BABA | +100,000 | +$11.4M |