David Tepper's Appaloosa Q2 2026: Amazon, Micron and a Bigger Bet on TSMC

David Tepper's Appaloosa Management is one of the more concentrated books in the 13F universe. With a reported equity portfolio of roughly $7.3–7.5 billion, a handful of names drive almost all of the outcome. The Q2 2026 filing, covering the quarter ended June 30, shows how Tepper is leaning into the AI hardware cycle while trimming his more cyclical and China-linked positions.

Figures below come from aggregated 13F data and are approximate; always check the original SEC filing for exact share counts.

A Four-Name Core

Roughly 45% of the portfolio now sits in just four holdings:

• Amazon (AMZN) at about $1.19 billion, close to 16% of the book and the largest position.
• Micron (MU) at about $1.13 billion, around 15%.
• Taiwan Semiconductor (TSM) at about $788 million, near 10.5%.
• NVIDIA (NVDA) at about $305 million, roughly 4%.

Sector math tells the same story. Technology accounts for around 41% of the portfolio, consumer cyclical about 19%, communication services about 16%, and utilities about 8%. That is a very different shape from a diversified index fund. You can see how Tepper's weights compare with other managers on our investors page.

The Biggest Add: TSMC

The headline move was a roughly 24% increase in Taiwan Semiconductor, lifting it to over 10% of the portfolio. Tepper already owned Micron, a memory play on the AI build-out; adding to the world's leading foundry extends that theme from memory into manufacturing. Other tweaks were smaller: a modest increase in Alphabet (about 7%, over 100,000 shares) and a tiny top-up in NVIDIA.

NVIDIA remains a relatively small slice at about 4%, while Micron and TSMC are each several times larger. That hints at where he sees better risk/reward, even if a 13F cannot tell you why.

Turnaround and Event-Driven Adds

Away from the core, a few smaller moves fit Tepper's long history of buying out-of-favor situations:

• Boeing (BA): up roughly 280% (about 590,000 shares added), a big percentage jump from a small base.
• Baidu (BIDU): up around 87%, adding more than 870,000 shares.
• American Airlines (AAL): added close to one million shares to an existing stake.

These are classic contrarian positions: beaten-down names where the upside case rests on a recovery. They are small relative to the top four, so they function as satellites rather than conviction bets.

What He Trimmed

Appaloosa cut Whirlpool (WHR) by about 63% (over a million shares), leaving it near 0.4% of the portfolio, reduced Alibaba (BABA) by about 42%, and sold nearly a million shares of Goodyear (GT). Since Tepper added to Baidu while cutting Alibaba, this is not a simple "sell China" call; it looks like position-by-position repositioning.

How to Use This Data

Three practical takeaways for anyone tracking 13F filings:

1. Weight matters more than headlines. A 280% increase in Boeing sounds dramatic, but it is small next to a 24% increase in a 10%-weight TSMC position. Dollar impact is the better lens.

2. Check the overlap. Micron, TSMC, and NVIDIA appear across many top-fund portfolios. Use the overlap tool to see which of Tepper's holdings are crowded trades, and the flow page to see whether other managers are buying or selling alongside him.

3. Remember the lag. This filing reflects June 30 positions, reported in August. Treat it as a map of conviction, not a live trading signal. Our macro consensus view shows how all tracked managers are positioned together.

The Bottom Line

Tepper's Q2 2026 portfolio is a concentrated bet on AI infrastructure, anchored by Amazon and funded partly by trimming consumer-cyclical and China-linked names. Whether that concentration pays off will depend on how the AI capex cycle evolves, but the filing makes his priorities clear: fewer ideas, bigger weights, and a willingness to add to winners like TSMC rather than only chasing bargains.

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