David Tepper's Trades and Holdings in Q2 2026

Breaking down the stocks David Tepper (Appaloosa) bought, sold, and held in Q2 2026, including their holdings at the end of the quarter. All data sourced from Appaloosa's 13F filed on August 14, 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
Q2 '26 13F filed with SEC

Holdings in Q2 2026

Current Investment Strategy

David Tepper's Appaloosa Management closed the second quarter of 2026 rotating out of red-hot AI memory names, zeroing out a stake worth more than $400 million in Sandisk and selling off stakes in Corning, L3Harris and RTX, while adding nearly 7% to his Alphabet holding and creating a position of more than $241 million in Apple, alongside fresh bets on Broadcom and Coreweave. The fund also diversified beyond big tech by creating positions in Boeing and American Airlines worth about $173 million and $136 million, respectively, illustrating Tepper's classic opportunistic style of trimming into strength on AI hardware winners while rotating into travel, industrials, and energy-adjacent names like Energy Transfer and MPLX that anchor his top-ten portfolio alongside Lam Research.

New Investments

Apple

David Tepper bought $241.62M of Apple in Q2 2026. Over the last two quarters, Apple has delivered accelerating financial performance, with fiscal Q2 2026 revenue reaching $111.2 billion (up 17% year over year) and EPS climbing to $2.01 (up 22% year over year), both record March‑quarter levels. Momentum appears intact into the current quarter, with management guiding for revenue growth of 14–17% year over year, while the stock has appreciated roughly 33% over the past six months on the back of strong iPhone demand, a record gross margin near 49.3%, and robust cash generation. Recent catalysts—including a new advanced manufacturing center in Houston as part of a broader U.S. investment push, an additional $100 billion share repurchase authorization, and a 4% dividend increase—support further value creation even as Apple’s premium smartphone share settles around 65%, modestly below earlier peaks.

• Fiscal Q2 2026 revenue was $111.2 billion, up 17% year over year, with EPS of $2.01 up 22% year over year..
• Gross margin reached about 49.3% in fiscal Q2 2026, supported by a record net income of roughly $29.6 billion and operating cash flow of $28.7 billion..
• Apple’s shares are up approximately 32.6% over the last six months, reflecting strong earnings momentum and supportive capital‑return actions..

Boeing

David Tepper bought $173.18M of Boeing in Q2 2026. Over the last two quarters, the company has grown revenue from $22.2 billion in Q1 to $24.6 billion in Q2, delivering year-over-year growth of 14% and 8% respectively as higher commercial aircraft deliveries and solid defense and services results drive the top line. Despite remaining loss-making, with Q2 GAAP EPS of -0.67 and core EPS of -0.76, underlying profitability is improving as operating margin turned positive at 0.6% and free cash flow improved from an outflow of -$1.5 billion in Q1 to a positive $0.6 billion in Q2. Overall, the company appears to be gaining momentum this quarter, supported by commercial deliveries rising to 171 jets in Q2, a record backlog of roughly $715 billion with more than 6,200 airplanes, and easing regulatory constraints on the 737 MAX and 787, even as fixed-price defense charges—most notably a $280 million VC-25B hit in Q2—keep EPS volatile.[36][40]

• Q2 2026 revenue rose 8% year over year to $24.6 billion, following Q1’s 14% increase to $22.2 billion..
• Free cash flow improved from an outflow of roughly -$1.5 billion in Q1 to a positive $0.6 billion in Q2, while GAAP operating margin moved from about 2.0% in Q1 to 0.6% in Q2..
• Commercial aircraft deliveries increased about 10% year over year in Q1 to 143 jets and 14% in Q2 to 171, supporting first-half deliveries of 314 aircraft, up roughly 12% versus 2025 and the highest first-half level since 2018.[31][34].

American Airlines Group Inc

David Tepper bought $135.53M of American Airlines Group Inc in Q2 2026. Over the last two quarters, record Q1 revenue of $13.9B and record Q2 revenue of $16.7B highlight robust demand, but profitability remains challenged with Q1 adjusted EPS at -$0.40 and Q2 adjusted EPS at $0.15, down about 84% year over year. In the current quarter, the company generated a modest GAAP profit of $71M and an operating margin of only 2.7%, as fuel expense surged 83% (over $2.2B) and management responded by trimming its full-year earnings outlook and guiding to a potential adjusted loss of $0.70 to $0.10 per share next quarter. Despite margin compression and cautious guidance, the business is gradually strengthening its balance sheet and commercial franchise, with rising premium and loyalty revenues, record quarterly sales, and total debt reduced to $34.7B, while recent operational disruptions such as the brief IT-driven nationwide ground stop appear contained and unlikely to derail the longer-term recovery if fuel prices stabilize.

• Q2 2026 revenue grew about 16% year over year to roughly $16.7B, while operating margin compressed to 2.7% from 7.9% a year earlier..
• Q1 2026 revenue increased 10.8% year over year to $13.9B, with adjusted EPS at -$0.40 and operating margin improving to about -0.3% from -2.2%..
• Total debt declined to $34.7B, the lowest level since mid-2015, even as Q2 fuel expense rose about 83% year over year, adding more than $2.2B to costs..

Coreweave Inc

David Tepper bought $107.33M of Coreweave Inc in Q2 2026. Coreweave has accelerated sharply over the last two quarters, with FY2025 revenue of $5.1B (up 168% year over year) and Q1 2026 revenue of $2.078B, a 112% YoY increase that places it among the fastest‑growing independent AI cloud infrastructure providers. In the current quarter the company is guiding Q2 2026 revenue to $2.45–2.60B, underpinned by a contracted revenue backlog that reached $99.4B (up 284% year over year) and multi‑year GPU cloud deals with leading AI labs such as Anthropic, which collectively signal continued share gains as enterprises scale AI workloads on its platform. Major recent catalysts—including Nvidia’s $2B investment in January 2026 and the closing of a new $2.6B delayed‑draw term loan facility in August 2026—support aggressive infrastructure build‑out but come alongside a Q1 2026 net loss of $740M and a securities lawsuit, leaving the risk‑reward skewed toward high‑beta upside if AI infrastructure demand continues to grow at current rates.

• Q1 2026 revenue of $2.078B, up 112% YoY, with adjusted EBITDA of $1.157B and a 56% margin, versus a net loss of $740M..
• FY2025 revenue reached $5.1B, growing 168% YoY, and management guides 2026 revenue to $12–13B with exit ARR of $18–19B and contracted backlog at $99.4B..
• Coreweave’s GPU cloud scale exceeds 250,000 GPUs across dozens of data centers, serving top‑tier customers like OpenAI and Meta, with shares trading around $125 as of June 2026..

Broadcom

David Tepper bought $56.66M of Broadcom in Q2 2026. Over the last 12 months, Broadcom has significantly strengthened its fundamentals, with fiscal Q2 FY26 revenue up 48% year over year and GAAP net income up about 85%, while the stock is up a mid‑single‑digit percentage year to date despite earnings-related volatility. Current-quarter performance is being driven by AI chip revenue, which grew about 143% year over year to around $10.8 billion, pushing operating margin to a record 67% and adjusted EBITDA margin to 69%, while free cash flow reached roughly $10.3 billion (≈46% of revenue). Management has raised full-year AI revenue guidance to about $56 billion (up 180% year over year) and guided Q3 FY26 revenue to $29.4 billion (up 84% year over year), while maintaining a quarterly dividend of $0.65 per share, key catalysts that support further upside as AI infrastructure spending accelerates.

• Fiscal Q2 FY26 revenue grew 48% year over year to $22.2 billion..
• Non-GAAP diluted EPS in Q2 FY26 was $2.44, beating consensus by $0.04..
• AI semiconductor revenue grew about 143% year over year to roughly $10.8 billion, with full-year AI revenue guidance raised to $56 billion (up 180% year over year)..

Space Exploration Techn Corp

David Tepper bought $38.44M of Space Exploration Techn Corp in Q2 2026. This new position adds exposure to Space Exploration Technologies Corp’s accelerating growth profile, with Q2 2026 revenue up 92% year over year to $7.8 billion, adjusted EBITDA up 191% to $3.5 billion, and GAAP net loss narrowing to $541 million. Relative to the prior quarter and to most space and connectivity peers, the company is gaining momentum as Connectivity revenue reached $4.3 billion (up 32% sequentially and 66% year over year) with operating income of $1.66 billion, AI revenue surged to $2.6 billion with positive segment EBITDA, and total backlog and cash rose to about $47.5 billion and $100 billion, respectively. While elevated capex of roughly $18.4 billion in Q2 and six-month net losses of $4.8 billion reflect heavy investment in AI compute infrastructure, recent catalysts—including a Starlink launch cadence of roughly one mission every three to four days, passing the 1,500th Starlink satellite launched in 2026, and public-market valuation targets between about $1.4 trillion and $2.0 trillion—support the case for medium-term multiple expansion as execution remains strong.

• Q2 2026 revenue increased 92% year over year to $7.8 billion, while adjusted EBITDA grew 191% to $3.5 billion and GAAP net loss narrowed to $541 million.
• Connectivity segment revenue reached $4.3 billion, up 32% sequentially and 66% year over year, generating operating income of $1.66 billion.
• For the six months ended June 30, 2026, sales rose about 54% year over year to $12.5 billion, while net loss expanded to $4.8 billion as capex jumped to approximately $18.4 billion, roughly six times the prior-year level.

Berkshire Hathaway

David Tepper bought $12.51M of Berkshire Hathaway in Q2 2026. The new put position adds downside protection in a name where fundamentals have strengthened but the share price has lagged, with Berkshire down 1.8% year to date versus the S&P 500’s 10.7% gain and Q2 performance of just over 3% against the index’s roughly 16% advance. Operationally, results are gaining momentum: Q2 2026 operating earnings increased about 16% year over year to roughly $12.98B, net earnings more than doubled to around $25.7B, and the quarter delivered an EPS beat of about 20% (roughly $6.02 vs $5.00) with revenue about 6% above consensus at roughly $101.8B. Together with an ~18% year‑over‑year lift in Q1 operating profit to roughly $11.35B, first‑half operating earnings of about $24.3B vs $20.8B a year earlier, and Greg Abel's pivot from hoarding to deploying a cash pile north of $360B, the set‑up for the current quarter and beyond is one of improving fundamentals that could drive valuation upside even as we hedge near‑term downside with puts.

• Q2 2026 operating earnings up about 16% year over year to roughly $12.98B, with net earnings more than doubling to around $25.7B.
• First‑half 2026 operating earnings approximately $24.3B vs about $20.8B in 2025, while net earnings rose to roughly $35.8B from about $17.0B.
• Year‑to‑date in 2026, the share price is down about 1.8% versus the S&P 500’s roughly 10.7% gain, with Q2 performance of a bit more than 3% vs around 16% for the index.

Goodyear

David Tepper bought $9.96M of Goodyear in Q2 2026. Over the last two quarters, the company has remained under significant earnings pressure, with Q1 2026 net sales of $3.88 billion and a net loss of $249 million (EPS -0.86), followed by Q2 2026 net sales of approximately $4.25 billion and a net loss of $204 million (EPS -0.71). Sequentially, revenue and unit volumes improved and free cash flow loss narrowed to about $69 million in Q2 (a $318 million year‑over‑year improvement), but adjusted EPS deteriorated from about -0.39 in Q1 to -0.61 in Q2 and segment operating income remained weak at $36 million with a 0.8% margin. The company's fundamentals remain challenged, with volumes under pressure (Q1 shipments down 11.6% and Q2 tire units down 4% year‑over‑year) and segment operating income far below prior‑year levels, but Q2 revenue and EPS beats versus consensus and signs of market stabilization and destocking easing are incremental positives that could support valuation upside if execution continues.

• Q1 2026 net sales $3.88 billion, down about 8.8% year‑over‑year, with net loss of $249 million and EPS of -0.86..
• Q2 2026 net sales about $4.25 billion, down 4.8% year‑over‑year, segment operating income $36 million (0.8% margin), and adjusted EPS of -0.61..
• Q2 2026 free cash flow of approximately -$69 million, a $318 million improvement year‑over‑year, with tire unit volume of 36.5 million down 4% versus the prior year..

Added, Trimmed, and Exited

Added

Appaloosa added to eleven existing positions, led by sizeable increases in Uber (+1,361,351 shares to 7,694,071), Amazon (+680,000 shares to 5,000,000), TSMC (+322,500 shares to 1,650,000), Meta (+238,500 shares to 675,000), Baidu Inc (+602,900 shares to 1,295,000), and Alphabet (+117,300 shares to 1,850,000), along with smaller top-ups to Vistra, NVIDIA, NRG Energy, iShares, and Asml Hldg Nv.
What it means: The pattern of adds skews heavily toward AI infrastructure, hyperscale cloud, and power-demand beneficiaries—TSMC, NVIDIA, and Asml Hldg Nv on the semiconductor side, Amazon, Alphabet, and Meta on the hyperscaler side, and Vistra/NRG Energy on the power side—suggesting Tepper is doubling down on the AI capex cycle across the full value chain rather than picking a single winner. The addition to Uber and Baidu Inc also signals continued conviction in ride-hailing/AI-adjacent China exposure even as other China names were being cut elsewhere in the portfolio.

Trimmed

Appaloosa reduced share counts in five positions: Alibaba (-1,465,000 shares to 2,000,000), Whirlpool (-1,235,000 shares to 715,000), Micron (-690,000 shares to 975,000), Qualcomm (-248,613 shares to 250,000), and AMD (-23,900 shares to 197,500).
What it means: The Alibaba and Whirlpool trims came alongside sharp value declines (-56% and -73%, respectively), indicating de-risking after weak performance, while the Micron and AMD share reductions are more nuanced—position values actually rose (+100% and +155%) as strong price appreciation in memory and AI-chip names let Appaloosa take some profits while still riding the rally. Overall, the trims look like disciplined profit-taking in richly-valued semiconductor plays and a retreat from underperforming consumer/China cyclicals rather than a broad reduction in risk appetite.

Exited

Appaloosa fully exited twelve positions, most notably SanDisk ($178.7M), Corning ($153.6M), PDD Holdings ($92.0M), L3Harris ($68.3M), RTX ($66.0M), Ball ($49.5M), JD ($38.6M), Lyft ($35.9M), Microsoft ($33.3M), KraneShares ($30.7M), UnitedHealth Group ($24.4M), and Deutsche Bk Ag ($7.7M).
What it means: The wholesale exit from defense/aerospace (L3Harris, RTX) and memory/optical names (SanDisk, Corning) alongside a full China basket cleanout (PDD Holdings, JD, KraneShares) suggests Appaloosa is rotating capital out of a diversified set of cyclical and China-tech bets to concentrate more heavily into the AI infrastructure and airline/industrial names highlighted in the new positions and adds. Dropping Microsoft entirely while simultaneously buying Broadcom and adding to Amazon, Alphabet, and Meta also implies a preference for other hyperscalers/semis over Microsoft specifically this quarter.

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.