David Tepper's Appaloosa LP disclosed its Q2 2026 13F on Friday, August 14, 2026, showing Amazon as the top holding at 15.42% of the portfolio and a 41% cut to Micron's share count. Appaloosa also exited Microsoft entirely while adding to Alphabet, Meta and NVIDIA, deepening a concentrated bet on AI infrastructure spending.
Appaloosa's Q2 2026 13F, filed Friday, August 14, 2026, shows Amazon as Tepper's largest position at 15.42% of the portfolio, worth roughly $1.19 billion across five million shares. Micron Technology held the second spot at 14.57%, or $1.13 billion across 975,000 shares. Even so, Tepper cut the share count by 41%, booking gains ahead of a subsequent decline in the stock.
Tepper rotates out of Microsoft
Tepper exited Microsoft entirely during the quarter. He redirected that exposure into the other hyperscalers, adding $130 million to Meta and $157 million to Alphabet. He also topped up NVIDIA by $49 million. Together, the moves reshape rather than shrink his hyperscaler book.
AI infrastructure backs the bet
The additions track the same theme: AI infrastructure monetization. AWS revenue reached $42.2 billion, up 36.7% year over year, with a $496 billion backlog and a 39% operating margin. CEO Andy Jassy told analysts the lion's share of 2027 capacity is already reserved, with significant 2028 capacity spoken for. Google Cloud grew 82% year over year to $24.8 billion, with its backlog reaching $514 billion. NVIDIA's Data Center segment ran at $75 billion, up 92%, with Q2 revenue guided to $91 billion. Meta, despite an EPS miss, posted ad revenue of $59.4 billion, up 27%, with price per ad up 12%.
Micron's structural bet stays in place
Micron's 16 Strategic Customer Agreements now represent roughly $100 billion in cumulative minimum-price revenue, with floor margins above prior peak cycles. Tepper trimmed the position sharply, but he kept it at 14.57% of the book — booking the parabolic gain while holding onto the structural exposure.
Price action splits since the snapshot
From June 30 through August 14, Amazon rose 10.2%, NVIDIA gained 12.53%, and Meta added 4.72%. Micron and Alphabet moved the other way: Micron fell 15.81% and Alphabet slipped 2.77%. NVIDIA currently trades at a trailing P/E of 34, backed by the backlogs disclosed across the hyperscalers.
Tepper's Micron trim looks well-timed against the stock's subsequent drop, while the additions to Alphabet and Meta are still proving out.
Source: 24/7 Wall St.
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