Micron in Q2 13Fs: Tepper Trims 41% While Coatue Adds After a 242% Run

Few stocks split sophisticated money as cleanly as Micron did last quarter. According to Q2 2026 13F data, Micron (MU) was among the most frequently opened new positions across focused hedge fund portfolios, with roughly 14 funds initiating stakes worth about $9.8 billion in aggregate, per one 13F aggregator's summary. At the same time, one of the best-known names in the business was taking chips off the table.

Tepper's trim

Appaloosa Management's Q2 filing, submitted August 14, showed David Tepper selling 690,000 Micron shares, a 41% cut that left him with 975,000 shares, according to press coverage. Micron stock had risen roughly 242% during the quarter, and the sold block was worth around $796 million at quarter-end prices.

Context matters here. Even after the sale, Micron remained Appaloosa's second-largest holding at about $1.13 billion, just behind Amazon, and near 15% of reported equity. That looks less like a bearish call and more like position management: after a tripling, a concentrated holder resets risk without walking away. Tepper also fully exited SanDisk (about $179 million) and added 24% to Taiwan Semiconductor, so the semiconductor theme stayed intact while the mix shifted.

Coatue went the other way

Coatue Management increased its Micron stake in the same period, while several other large funds reduced theirs, based on the same reporting. This is the pattern worth noticing: the stock sat on both the "most opened" and "trimmed" lists. A single net-buyer headline hides the fact that different funds are doing opposite things for different reasons, such as valuation discipline, fund-size limits, or a view on the memory cycle.

You can see this dynamic directly on the InvestorLens overlap tool, which shows how many tracked investors hold a name and how their positions are changing, and on the flow page, which separates new buyers, adders, trimmers, and exits.

Why the memory trade attracts so many managers

Memory sits at the center of the AI hardware build-out. High-bandwidth memory is a bottleneck for accelerators, and when supply is tight, pricing and margins can move violently. That is why Micron appears alongside Nvidia, AMD, Applied Materials, and Intel on the list of most-opened semiconductor positions this quarter. It is also why a 242% quarterly move invites profit-taking: cyclical businesses have a history of looking best near the peak.

How to read this kind of split

A few practical habits help when a stock shows up on both sides of the ledger:

• Look at weight, not just shares. A 41% trim from a 25% position and a 41% trim from a 5% position mean very different things.
• Check what else moved. Tepper's SanDisk exit and TSMC add suggest rotation within a theme, not a retreat from it.
• Remember the timing. These holdings are as of June 30, 2026. Prices have moved since, and funds may have changed positions again.
• Compare across investors. The investors page lets you view individual portfolios, and macro consensus shows where the crowd leans in aggregate.

The takeaway

The Micron story is a reminder that 13F data answers "what did they hold on the last day of the quarter," not "what are they doing now." A famous trim is not a sell signal on its own, and a crowded buy list is not a green light on its own. The informative part is the disagreement: when well-resourced managers reach opposite conclusions on the same stock after a historic run, the debate is about price and cycle, not about whether the business matters.

As the Q3 filing window approaches in mid-November, watch whether Tepper keeps trimming, whether Coatue's add holds, and whether the 14-fund wave of new Micron buyers grows or fades.

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Data sourced from public SEC 13F filings. Educational research only — not investment advice.