David Tepper’s Top Stocks: 7 Big Bets from One of Wall Street’s Boldest Investors

David Tepper is known as one of Wall Street’s boldest and most opportunistic investors. As the founder of Appaloosa Management, Tepper focuses on undervalued, turnaround, and cyclical stocks, often buying when markets are under stress and selling when confidence returns. Unlike growth-focused investors, Tepper looks for value recovery and macro-driven opportunities.

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Many investors follow Tepper for his ability to spot market turning points before they become obvious. From his famous bank stock bets during the 2009 financial crisis to more recent moves in energy and AI infrastructure, Tepper has built a reputation for decisive, unconventional investing. Because Appaloosa operates as a private hedge fund turned family office, Tepper’s portfolio updates are revealed through quarterly 13F filings, making each one closely watched.

Tepper’s Q1 2026 filing reveals a dramatic rotation. He cut major Chinese e-commerce positions (Alibaba trimmed 33%, PDD trimmed 49%, JD.com trimmed 69%) and aggressively added to US-listed AI beneficiaries and independent power producers. Amazon nearly doubled in size to become the fund’s largest holding, and Uber, Vistra, and Sandisk all saw massive builds. With approximately $5.9 billion in publicly disclosed equities as of March 31, 2026, below is Appaloosa’s full portfolio.

If you’re curious to see the full holdings of over 10,000 hedge funds, mutual funds, family offices, and institutional investors, you can sign up for free on TIKR. Below are the 7 positions where Tepper is making his biggest public market bets.

1. Amazon (AMZN) 15.16% of portfolio

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Amazon is now Appaloosa’s largest holding, representing more than 15% of the portfolio. Tepper roughly doubled his position last quarter, adding over 2.1 million shares (a 98% increase) to bring the total to 4.32 million shares worth $899.7 million. This is the boldest single move in the filing and signals a major conviction shift.

Tepper appears to view Amazon as a rare combination of stable cash flow and durable long-term growth. AWS remains a foundational play on enterprise AI adoption, and the advertising business continues to grow at high margins. With shares having pulled back from prior highs, Tepper likely saw the setup he prefers: a dominant business at a discounted price, with multiple compounding drivers still ahead.

2. Micron Technology (MU) 9.48% of portfolio

Micron is Appaloosa’s second-largest position at nearly 9.5% of the portfolio. Tepper holds 1.67 million shares worth $562.5 million and grew the position by 11% in the quarter. Micron is a classic Tepper trade: a deeply cyclical business at an inflection point, with a demand shock that could sustain pricing for years.

The AI infrastructure buildout has fundamentally changed the memory market. High-bandwidth memory (HBM), which sits next to NVIDIA GPUs in every major AI training system, is sold out through 2026, and Micron is one of only three suppliers globally. Combine that with a tightening standard DRAM and NAND market and you get exactly the kind of asymmetric setup Tepper has historically favored in cyclical names.

3. Alphabet (GOOG) 8.38% of portfolio

Alphabet represents 8.38% of the portfolio, with Tepper holding roughly 1.73 million shares worth $497 million. He trimmed the position by about 3% in the quarter, a light haircut that suggests portfolio management rather than a change in view.

For Tepper, Alphabet’s combination of dominant search economics, growing cloud revenue, and heavy AI investment (Gemini, TPUs, DeepMind) makes it one of the more attractive risk-adjusted large-cap names. The stock has been debated as an AI winner versus loser for two years now, but Alphabet’s core cash generation and its position at the center of the AI stack keeps Tepper in the name.

4. Uber Technologies (UBER) 7.68% of portfolio

Uber is the standout new addition to Appaloosa’s top positions. Tepper added more than 4.4 million shares last quarter (a 242% increase), bringing the total to 6.33 million shares worth $455.5 million. Very few managers of Tepper’s size make a move this aggressive on a single name.

The thesis fits Tepper’s playbook neatly. Uber has transitioned from a cash-burning growth story into a profitable, cash-generating platform with expanding operating leverage. It dominates mobility and delivery, is layering advertising and payments on top, and sits at the center of the autonomous vehicle rollout thanks to partnerships with Waymo and others. Tepper appears to see Uber as one of the best risk-reward setups in mega-cap tech.

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5. Taiwan Semiconductor (TSM) 7.56% of portfolio

Taiwan Semiconductor is now 7.56% of the portfolio, with Tepper holding 1.33 million shares worth $448.6 million. He grew the position by 17% last quarter, extending a clear pattern: Tepper is building AI infrastructure exposure through the picks-and-shovels layer rather than the model builders themselves.

TSMC manufactures essentially every leading-edge AI chip in the world, whether designed by NVIDIA, AMD, Apple, Broadcom, or the hyperscalers’ custom silicon teams. Advanced node capacity is effectively sold out, pricing power is expanding, and geopolitical concerns have already been repriced into the stock. Tepper likely views TSMC as one of the highest-quality businesses in the world trading at a reasonable multiple.

6. Alibaba (BABA) 7.33% of portfolio

Alibaba was Appaloosa’s largest position a year ago. It’s now down to 7.33% of the portfolio after Tepper cut nearly 1.7 million shares (a 33% reduction), leaving 3.47 million shares worth $434.7 million. Combined with the deeper cuts to PDD and JD.com, this is clearly a coordinated de-risking of Chinese e-commerce exposure.

That said, Tepper is not abandoning Alibaba. The remaining position is still large, and the thesis (a cheap, dominant e-commerce business with a growing cloud arm and improving capital allocation) is intact. The trim likely reflects profit-taking after Alibaba’s strong recovery rally and a rebalance toward US-listed AI beneficiaries, where Tepper sees clearer near-term catalysts.

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7. Vistra Corp (VST) 5.12% of portfolio

Vistra rounds out the top seven at just over 5% of the portfolio. Tepper more than doubled his position last quarter, adding roughly 1.08 million shares (a 114% increase), bringing the total to 2.02 million shares worth $304 million. He also added to NRG Energy just outside the top seven, showing this is a broader theme, not a single-name trade.

Independent power producers have become one of the market’s clearest AI infrastructure plays. Hyperscalers are signing multi-decade power purchase agreements to secure gigawatts of capacity for data centers, and Vistra owns exactly the kind of dispatchable generation (nuclear and gas) that hyperscalers need. Tepper’s aggressive add here suggests he sees power availability as the binding constraint on the AI buildout and is positioning accordingly.

Tepper Rotates Into AI Infrastructure

David Tepper’s Q1 2026 filing is one of the most decisive portfolio rotations he has made in years. He cut Chinese e-commerce exposure meaningfully, trimmed NVIDIA and Meta, and redeployed capital into US mega-cap tech (Amazon, Uber), semiconductor picks-and-shovels (Micron, TSMC), and independent power producers (Vistra, NRG).

The through-line is classic Tepper. He seems to be looking one layer deeper, at the cyclical semiconductor names, the power grid, and the platforms that benefit from AI-driven demand without carrying the same multiple compression risk. For investors, Appaloosa’s holdings offer a look at where one of Wall Street’s most opportunistic managers sees potential upside next.

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Disclaimer:

Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!