David Tepper's Trades and Holdings in Q1 2026

Breaking down the stocks David Tepper (Appaloosa) bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from Appaloosa's 13F filed on May 15, 2026.

Who are David Tepper and Appaloosa Management?

Appaloosa Management is a hedge fund founded in 1993 by David Tepper, who gained fame for his bold contrarian bets during the 2008 financial crisis that yielded billions in profits. Originally specializing in distressed debt, the firm has evolved to invest flexibly across public equities and fixed income markets globally. Tepper's opportunistic investment approach combines macroeconomic analysis with deep fundamental research, allowing Appaloosa to identify mispriced assets during periods of market dislocation. The firm has delivered exceptional long-term returns, establishing Tepper as one of the most successful hedge fund managers of his generation.

AMLP.com
Wikipedia on David Tepper
Q1 '26 13F filed with SEC

Holdings in Q1 2026

Current Investment Strategy

David Tepper's Appaloosa Management doubled down on the artificial-intelligence trade in the first quarter of 2026, nearly doubling its stake in Amazon to become the fund's top holding while sharply increasing exposure to Uber, Taiwan Semiconductor, Vistra and Micron, and initiating a new roughly $179 million position in flash-memory maker SanDisk. At the same time, Tepper trimmed legacy tech bets like Microsoft and exited economically sensitive names including American Airlines, Owens Corning, Mohawk Industries and IQVIA, reflecting his characteristically opportunistic pivot toward concentrated, high-conviction wagers on AI infrastructure, semiconductors and data-center power demand over cyclical industrial and consumer exposure.

New Investments

SanDisk

David Tepper bought $178.69M of SanDisk in Q1 2026. SanDisk, a flash memory and AI infrastructure supplier, has delivered exceptional fundamentals over the last 12 months, with revenue rising from $1.70 billion in Q3 FY2025 to $8.97 billion in Q4 FY2026 and full-year revenue up 175% year-over-year to about $20.25 billion, driving a stock gain of more than 3,300% that implies substantial outperformance versus peers. In the most recent two quarters, revenue stepped up from $5.95 billion in Q3 to $8.97 billion in Q4 (a 51% sequential increase), GAAP net income expanded from roughly $3.62 billion to $6.90 billion, and non-GAAP EPS climbed to $39.25, confirming that the business is still in a sharp upswing rather than a plateau. Record Q4 results that beat guidance, non-GAAP gross margin of 84.6%, rapid growth in datacenter and edge AI memory, and ongoing debt reduction and free-cash-flow strength from prior quarters are key recent catalysts that support higher valuation, although commentary around a finite pricing cycle suggests investors should monitor for eventual normalization.

• Q4 FY2026 revenue $8.97 billion, up 51% sequentially and about 372% year-over-year..
• Q4 GAAP net income $6.90 billion (diluted EPS $43.97), with non-GAAP EPS at $39.25 and gross margin at 84.6%..
• Stock price has risen over 3,300% over the last 12 months following consecutive earnings beats and AI-driven demand for memory chips..

Added, Trimmed, and Exited

Added

Appaloosa added meaningfully to several existing holdings, most notably increasing its stake in Uber by 4.48 million shares (+242%, now valued at $455.5M), Amazon by 2.14 million shares (+98%, now $899.7M), and Vistra by 1.08 million shares (+114%, now $304.0M). Smaller additions were made to iShares (+28%), TSMC (+17%), and Micron (+11%).
What it means: The doubling-down on Uber and continued conviction in Amazon suggests Tepper is leaning into large-cap tech/platform names with strong earnings momentum, while the Vistra add signals continued bullishness on power/utility names tied to AI-driven electricity demand. Combined with the brand-new SanDisk position and increased Micron stake, this reinforces a broader thematic bet on AI infrastructure, memory chips, and the power grid required to support data center growth.

Trimmed

Appaloosa trimmed numerous positions this quarter, with the largest cuts to Deutsche Bk Ag (-92%), KraneShares (-77%), JD (-69%), Microsoft (-82%), Whirlpool (-50%), and Qualcomm (-56%). Chinese equities broadly saw reductions, including Alibaba (-33%), PDD Holdings (-49%), and Lyft (-29%), alongside smaller trims to NVIDIA, Meta, Ball, Corning, and Energy Transfer L P.
What it means: The sweeping reduction across Chinese names (Alibaba, JD, PDD Holdings, KraneShares) points to a significant de-risking of China exposure, likely reflecting concerns about macro or regulatory headwinds in that market. Meanwhile, cutting Microsoft by 82% and paring back NVIDIA and Meta even while adding to SanDisk and Micron suggests a rotation within the AI trade — moving from mega-cap software/platform winners toward hardware and memory suppliers that Tepper may see as having more room to run in the current cycle.

Exited

Appaloosa fully exited nine positions, led by American Airlines Group ($216.9M), Owens Corning ($106.3M), Mohawk Industries ($73.8M), and a Micron call option position ($71.4M), along with IQVIA, United Airlines Holdings, iShares (China Lg-Cap ETF), Delta Air Lines, and Goodyear.
What it means: The wholesale exit from airlines (American Airlines, United Airlines, Delta Air Lines) signals a clear retreat from travel/cyclical exposure, possibly on concerns about fuel costs, demand softening, or macro headwinds. Exiting the China ETF alongside trimming other China-linked names (Alibaba, JD, PDD Holdings) confirms a broader pivot away from China, while closing out housing-related names like Owens Corning and Mohawk Industries suggests reduced conviction in the housing/construction cycle as the portfolio concentrates further into AI infrastructure and memory plays.

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.