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Tepper's top three holdings take 40 cents of every dollar Appaloosa manages
Appaloosa's Q2 2026 filing concentrates two-fifths of David Tepper's fund in Amazon, Micron and Taiwan Semiconductor, and the AI theme reaches about three-quarters of the whole book. Nvidia is back in, but smaller.
The Investor · Invest desk
What happened
- Appaloosa Management's Q2 2026 13F puts roughly 40% of a $7.7bn portfolio into three names, Amazon, Micron Technology and Taiwan Semiconductor, worth about $3.1bn between them.
- Amazon is the largest single line at about 15.4% of assets, 5 million shares valued at roughly $1.19bn, out of 27 positions in the fund.
- Earlier Appaloosa filings had shown a prior concentration of about 28% across Nvidia, Amazon and Microsoft.
- Tepper opened two new positions during the quarter, CoreWeave at 1.078 million shares and SpaceX.
- The fund exited SanDisk entirely after a 591% year-to-date rally, a position valued at roughly $179m at the end of the prior quarter.
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Why it matters
- exposure Micron and Taiwan Semiconductor together are about $1.91bn, close to a quarter of the fund, so a quarter of Appaloosa's value now moves with the output prices of two component makers.
- constraint Because the filing omits short positions, options and international holdings, the 40% bounds what is visible and not the fund's net risk, and anyone copying it is copying one side of a book.
- decision With no crypto line anywhere in the $7.7bn, the fund expresses the AI trade entirely through equities and a few private stakes, so funding a new idea means selling one of the 27 names it already owns.
The new top three has one buyer of AI compute in it and two suppliers of it. Micron makes the high-bandwidth memory that AI accelerators consume, and Taiwan Semiconductor fabricates the advanced processors that go into Nvidia's GPUs and Apple's custom silicon [13]. Nvidia itself is back in the portfolio after an earlier trim, though not among the three biggest lines [6].
The percentages and the dollars agree. Amazon at 15.4% of a $7.7bn book is $1.186bn, which is the $1.19bn line the filing reports, and $1.19bn across 5 million shares implies about $238 a share [5][4]. Tepper added to both Amazon and Taiwan Semiconductor during the quarter [4].
Below the top three the book thins out quickly. The other 24 positions share roughly $4.6bn, an average of about $192m each, or some 2.5% of assets apiece [3]. Over three-quarters of the portfolio is linked to AI growth in some form, according to Crypto Briefing [5]. On $7.7bn that is about $5.8bn. The trio accounts for $3.1bn of it, so roughly $2.7bn of AI-linked exposure sits in the smaller lines [6].
The concentration is one theme at three-quarters of the fund, with three names carrying the heavy end. Since the earlier filing, the 12 percentage points added at the top have moved that weight toward two component manufacturers [7][13].
Crypto Briefing notes that 13F filings show positions as of the filing date, and that Tepper could have adjusted the holdings before the public saw them [10].
I think the trio is a position on the parts of the chain where capacity is scarce and repriced often, with Amazon as the customer whose input costs run through both suppliers [13]. The counter is that a top-three weight in a quarterly filing is a snapshot of one side of a book that turns. This is the same fund that closed a 591% winner inside a quarter [9]. Size will settle it. If Micron and Taiwan Semiconductor still hold their current weight two filings from now, the 40% was a position. If they are back near that $192m average, it was a quarter's trade in component pricing [3].
What to watch
- Whether Appaloosa adds to or sells the 1.078 million CoreWeave shares in the next 13F.
- Whether Nvidia's re-entry grows back into a top-three line at Appaloosa.
- Whether Tepper treats Micron the way he treated SanDisk and sells after a large run.