David Tepper's Appaloosa Management made significant bets on megacap technology stocks in the second quarter while selling off former high-flying memory chip makers. Appaloosa expanded its stake in Amazon by more than 15%, lifting it to a value of nearly $1.2 billion. Amazon remained the hedge fund's largest holding:
Tepper's purchases of Magnificent Seven stocks didn't stop there. The Meta Platforms position widened by almost 55%, to about $380 million. The Carolina Panthers owner added nearly 7% to his Alphabet holding, bringing the stake's value to more than $661 million. Tepper also created a position of more than $241 million in Apple in the latest quarter:
However, Tepper cut his position in Micron Technology by more than 41%, even as Micron remained his second-largest position at around $1.125 billion. The pullback in some of Tepper's holdings is notable given that he has closely positioned around the artificial intelligence rally:
Micron shares skyrocketed more than 240% in the second quarter — its largest quarterly gain ever. However, shares have pulled back nearly 16% since the start of July:
Wall Street doesn't see the slide lasting for long. The average analyst has a buy rating on Micron and estimates nearly 51% upside over the next year:
Tepper also zeroed out a stake worth more than $400 million in Sandisk:
Outside of tech, the University of Pittsburgh and Carnegie Mellon alum created positions in Boeing and American Airlines worth about $173 million and $136 million, respectively:
