David Tepper disclosed in his Q1 2026 13F filing that he expanded his AMZN position by 98% to $900M (15.2%), making it his largest holding. Over the same period, UBER grew 242% to $456M (7.7%), and he opened a new $179M position in SNDK. Meanwhile, he fully exited AAL, OC, MHK, and IQV.
Top 5 Holdings — As of Q1 2026
- AMZN: $900M (15.2%)
- MU: $563M (9.5%)
- GOOG: $497M (8.4%)
- UBER: $456M (7.7%)
- TSM: $449M (7.6%)
Key Trading Highlights
Appaloosa Management's portfolio this quarter was reshaped around AMZN. The position grew 98% to $900M (15.2%), becoming the fund's largest holding, while UBER surged 242% to $456M (7.7%), landing in fourth place. MU rose 11% to $563M (9.5%), holding onto second place, and GOOG, TSM, BABA, NVDA, VST, NRG, and EWY rounded out the top 10, maintaining exposure to AI semiconductors, power infrastructure, and Asian growth stocks.
- AMZN: Stake up 98% to $900M — now the top holding at 15.2% of the portfolio
- UBER: Stake up 242% to $456M — enters top 5, signaling a bigger mobility bet
- SNDK: New $179M position — a bet on growing memory and storage demand
The only new position was SNDK, where Tepper deployed $179M to broaden exposure to the memory and storage sector. By contrast, he fully sold out of AAL ($217M), OC ($106M), MHK ($74M), and IQV ($63M), exiting airlines, building materials, and clinical research entirely. He also sharply trimmed DB (-92%), MSFT (-82%), and KWEB (-77%), signaling markedly reduced conviction in European financials, large-cap tech, and Chinese tech ETFs.
AI Infrastructure and Power Themes Persist
With MU, TSM, NVDA, VST, and NRG remaining in the top 10, Appaloosa's conviction in the AI semiconductor and data-center power demand themes carried through this quarter as well. At the same time, the full exit from non-core names like AAL, OC, MHK, and IQV, combined with trims to DB, MSFT, and KWEB, points to a strategy of concentrating the portfolio into a smaller set of high-conviction positions. Whether the sharp buildup in AMZN and UBER holds into next quarter will be worth watching.
