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
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| AMZN | Amazon | 20.1% | Added (+98%) | $899.73B |
| MU | Micron | 12.6% | Added (+566%) | $562.5B |
| UBER | Uber | 10.2% | Added (+242%) | $455.51B |
| TSM | Taiwan Semiconductor | 10.0% | Added (+17%) | $448.63B |
| BABA | Alibaba | 9.7% | Trimmed (-33%) | $434.72B |
| VST | Vistra | 6.8% | Added (+114%) | $304.02B |
| EWY | MSCI South Korea | 6.6% | Added (+28%) | $295.22B |
| NVDA | Nvidia | 5.7% | Trimmed (-13%) | $256.63B |
| SNDK | SanDisk | 4.0% | NEW | $178.69B |
| GLW | Corning | 3.4% | Trimmed (-28%) | $153.58B |
| WHR | Whirlpool | 2.3% | Trimmed (-50%) | $105.14B |
| PDD | PDD Holdings | 2.1% | Trimmed (-49%) | $91.96B |
| QCOM | Qualcomm | 1.4% | Trimmed (-56%) | $64.21B |
| BALL | Ball | 1.1% | Trimmed (-30%) | $49.48B |
| JD | JD.com | 0.9% | Trimmed (-69%) | $38.59B |
| LYFT | Lyft | 0.8% | Trimmed (-29%) | $35.91B |
| MSFT | Microsoft | 0.7% | Trimmed (-82%) | $33.32B |
| KWEB | China Internet | 0.7% | Trimmed (-77%) | $30.7B |
| ET | Energy Transfer | 0.7% | Trimmed (-28%) | $30.42B |
| DB | Deutsche Bank | 0.2% | Trimmed (-92%) | $7.67B |
| AAL | American Airlines Group | 0.0% | Exited | $-216.92B |
| OC | Owens Corning | 0.0% | Exited | $-106.31B |
| MHK | Mohawk | 0.0% | Exited | $-73.78B |
| IQV | IQVIA | 0.0% | Exited | $-63.11B |
| UAL | United Airlines | 0.0% | Exited | $-52B |
| FXI | China Large Cap | 0.0% | Exited | $-41.64B |
| DAL | Delta | 0.0% | Exited | $-32.97B |
| GT | Goodyear | 0.0% | Exited | $-21.9B |
Current Investment Strategy
David Tepper's Appaloosa Management doubled down on an AI infrastructure-driven equity strategy in Q1 2026, anchoring the roughly $5.9 billion portfolio around mega-cap technology and semiconductor names — including Alibaba, Alphabet, Amazon, Micron Technology, and Meta Platforms — while initiating a new position in flash-memory pure-play SanDisk to capture surging enterprise SSD demand tied to AI workloads. The firm simultaneously shed exposure to cyclical and economically sensitive sectors, exiting airline positions in American Airlines and United Airlines as well as building-materials names Owens Corning and Mohawk Industries and healthcare-data firm IQVIA, underscoring Tepper's characteristically opportunistic, high-conviction pivot toward what he views as the dominant structural investment theme of the cycle.
New Investments
SanDisk SNDK
David Tepper bought $178.69B of SanDisk in Q1 2026. SanDisk is demonstrating exceptional growth momentum in the current quarter with dramatic improvements in key financial metrics, though profitability remains a concern as reflected in its negative EPS. Despite recent price volatility including a 7.6% decline followed by a 5% pre-market rebound, the company's performance has significantly outpaced its sector with analysts expressing strong confidence through numerous upward revisions. The combination of explosive revenue growth and substantially improved liquidity positions SanDisk for potential continued outperformance despite the current negative earnings picture.
- Gross profit surged by 138% since the previous quarter, indicating robust revenue growth and margin expansion.
- Quick ratio has soared by 101% from the previous quarter and by 86% YoY, demonstrating significantly improved short-term liquidity position.
- Year-over-year revenue growth stands at 23.6% compared to the sector average of just 10.01%, highlighting SanDisk's outperformance.
Added, Trimmed, and Exited
Added
Appaloosa significantly increased its stakes in Uber (UBER) (+4.48M shares, more than tripling the position), Micron (MU) (+1.42M shares, increasing nearly 6x), Vistra (VST) (+1.08M shares, more than doubling), and Amazon (AMZN) (+2.14M shares, nearly doubling), while adding more modestly to MSCI South Korea (EWY) (+525K shares) and Taiwan Semiconductor (TSM) (+197.5K shares).
What it means: David Tepper appears to be making a bold, high-conviction pivot toward AI infrastructure beneficiaries and domestic growth stories. The massive buildup in Micron (MU) and additions to Taiwan Semiconductor (TSM) and MSCI South Korea (EWY) suggest a strong bullish thesis on memory chips and the broader semiconductor supply chain — potentially anticipating an AI-driven demand surge. The aggressive accumulation of Uber (UBER), now the portfolio's largest single-quarter addition by share count, points to renewed confidence in autonomous vehicle monetization and platform dominance. The near-doubling of Amazon (AMZN) reinforces a broader bet on cloud and AI infrastructure. Meanwhile, the boost to Vistra (VST) signals continued conviction in power generation as AI data centers drive unprecedented electricity demand.
Trimmed
Appaloosa meaningfully reduced exposure across a wide range of positions, with the deepest cuts to Deutsche Bank (DB) (down ~92%), China Internet (KWEB) (down ~77%), Microsoft (MSFT) (down 82%), JD.com (JD) (down ~69%), Qualcomm (QCOM) (down ~56%), PDD Holdings (PDD) (down ~49%), Lyft (LYFT) (down ~29%), Alibaba (BABA) (down ~33%), Whirlpool (WHR) (down ~50%), and smaller reductions in Nvidia (NVDA), Corning (GLW), Ball (BALL), and Energy Transfer (ET).
What it means: The aggressive trimming of Chinese internet names — Alibaba (BABA), JD.com (JD), PDD Holdings (PDD), and China Internet (KWEB) — signals a notable retreat from China exposure, likely reflecting concerns around geopolitical risk, regulatory uncertainty, or a reallocation toward higher-conviction domestic and semiconductor plays. The near-exit of Deutsche Bank (DB) suggests waning confidence in European financials. The heavy trim of Microsoft (MSFT) is notable given its AI prominence, possibly indicating profit-taking or a preference for other AI infrastructure names. Reducing Nvidia (NVDA) and Qualcomm (QCOM) while simultaneously adding aggressively to Micron (MU) and Taiwan Semiconductor (TSM) suggests a rotation within semiconductors toward memory and foundry over chip designers. The trims in Whirlpool (WHR), Lyft (LYFT), and Ball (BALL) point to a broader de-emphasis of consumer-facing cyclicals.
Exited
Appaloosa fully liquidated eight positions: American Airlines Group (AAL), United Airlines (UAL), Delta (DAL), China Large Cap (FXI), Owens Corning (OC), Mohawk (MHK), IQVIA (IQV), and Goodyear (GT).
What it means: The most striking theme here is a complete exit from all airline holdings — American Airlines Group (AAL), United Airlines (UAL), and Delta (DAL) — representing a decisive departure from a sector Tepper has historically favored. This likely reflects concerns over tariff-related demand softness, rising fuel costs, or a broader macro caution on consumer travel spending. Exiting China Large Cap (FXI) alongside the heavy trims in Chinese internet stocks confirms a wholesale reduction in China risk. The exits from Owens Corning (OC), Mohawk (MHK), and Goodyear (GT) — all exposed to housing, construction, and automotive cycles — suggest Appaloosa is stepping back from domestically rate-sensitive, economically cyclical sectors, possibly anticipating a tougher environment for hard goods consumers. The exit from IQVIA (IQV) rounds out what appears to be a deliberate portfolio simplification and rotation away from slower-growth, macro-sensitive names.
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.
