저자: 미상 · 외국인
요약 보기
억만장자 David Tepper(Appaloosa)의 최신 13F 공시를 근거로 엔비디아·AMD·메타 비중 축소와 Uber·Vistra·Amazon·TSMC·Micron 등 AI 관련 종목 비중 확대를 소개. Tepper가 AI 인프라·가격결정력 있는 병목 기업으로 자금을 재배치했다고 해석. 개별 기업의 실적(Uber 총예약 21%↑, TSMC 매출 40.6%↑, Micron 4:1 HBM 병목 등)을 긍정적으로 서술. 특정 1~3개월 가격 방향 예측은 없고 전반적으로 낙관적 장기 견해.
다듬은 글
When David Ther changes his position, Wall Street holds its breath. As the billionaire founder of Appaloosa Management and arguably the most prominent hedge fund manager of his generation, Ter has built a legendary reputation on aggressive macroeconomic acumen. But its recently released 13F filings have shaken markets, signaling a massive final retreat from the tech giants that were the driving force behind the initial AI bull market .
Ter isn't just locking in profits, he's aggressively restructuring his multi-billion dollar portfolio. Appaloosa cut its position in Nvidia by 13.44%, shedding 229,000 shares, leaving a stake worth $257 million. Even harsher cuts affected Advanced Micro Devices, where Ter lost almost a third of his position, reducing 31.88% of his AMD shares to a residual stake of $45 million.
Meta Platforms was also not spared, facing a staggering 27.25% decline that wiped out 164,000 shares and left $250 million on the table. This is not a cash retreat. This is a calculated redistribution of capital. Ter is making a high-stakes rotation from overstretched, overachievers to the next generation of AI leaders, freeing up hundreds of millions of dollars from these tech giants.
Appaloosa created a huge military fund. Today, we'll take a look at five stocks that are underdogs and underdogs for AI, where David Ther has just focused this huge wave of capital, and why these five stocks represent his best bet for the next phase of the AI revolution. First on the list is Uber Technologies, ticker UBER.
While the market is punishing stocks due to exaggerated concerns about barriers to autonomous vehicles from Whimo and Tesla, David Ther is aggressively exploiting this valuation discrepancy. Appaloosa Management increased its stake by an impressive 242.31%, adding 4.5 million shares to create a massive $456 million position.
Uber's core thesis is brilliant. Instead of fighting autonomous driving, it positions itself as its vital distribution and demand layer. Financially, Uber is operating at full capacity. In the first quarter of 2026, gross bookings increased by 21% year- over- year to 53.7 billion, supported by 40 million daily trips in 70 countries.
Uber's competitive advantage lies in the level of data infrastructure and the rapid growth of the Uber 1 ecosystem, which has grown to 50 million members, growing by 50% annually. These participants spend three times more than non-participants, cementing an incredibly strong customer base. Additionally, Uber’s ongoing acquisition of the assets of “ delivery heroes” in Europe and Latin America is projected to generate cost synergies of up to €1.44 billion, accelerating Uber’s transition to a highly profitable consumer super app.
With the rapid growth of its delivery segment and an ambitious goal of deploying a fleet of over 100,000 autonomous vehicles to make commuting easier by 2027, Uber is undergoing a fundamental transformation. Ter acknowledges that while autonomous vehicle companies control supply, Uber controls the global demand bottleneck.
Next on the list is Vistra Corporation, ticker symbol VST. A giant that is taking over the physical infrastructure of the artificial intelligence boom. While the market focused solely on chip manufacturers, David Ter saw a bottleneck looming in the power industry. As a result, Appaloosa Holdings increased its stake in Vistra by a whopping 114%, adding 1.1 million shares to create a $34 million position that takes up over 5% of its portfolio.
Ter is exploiting a major valuation divergence after the stock bounced from a 52-week high of nearly $220 to $157. The underlying fundamentals are extremely stable . In the first quarter of 2026, total revenue exceeded $5.6 billion, leading to an operating margin increase to an impressive 26.6%. Adjusted EBITDA increased 20% year- over-year to $1.49 billion, driven by energy margin expansion and the Lotus acquisition.
Looking ahead, Vistra forecasts a 20.4% increase in free cash flow to growth in 2026, driven by its nuclear and gas reactors. Hyperscalers are projected to spend up to $800 billion in capital expenditures this year, exceeding $1 trillion by 2027. Vistra has already entered into long-term power purchase agreements with Meta and AWS with full consensus.
IBITa is expected to grow to $7.34 billion . Vistra controls literally the lifeblood of the artificial intelligence revolution. Third place on the list is taken by Amazon.com Inc. with the ticker AMZN. While David Ter has scaled back the number of standard semiconductor companies, he has doubled down on efforts in Amazon's own artificial intelligence ecosystem.
According to recent reports, Appaloosa Holdings increased its stake in Amazon by an explosive 98.22%, purchasing an additional 2.1 million shares. This brings Ter's total position to a whopping $4.3 million in shares, valued at an incredible $900 million and representing an impressive 15.16% of his entire portfolio.
The main catalyst is that the Wall Street consensus significantly underestimates the accrual mechanism of Amazon shares. In the first quarter of 2026, AWS accelerated for four consecutive quarters, growing 28% year-over-year. This surge was largely driven by Amazon Bedrock, whose customer spending increased by 170% quarter-over- quarter on its token-as-a- service model, driving operating profitability.
Additionally, Amazon's custom silicon manufacturing business is transforming into a dominant commercial giant . Its tranium AI chips have secured long-term revenue commitments of $225 billion from OpenAI and Anthropic, and annual revenue growth is already at $20 billion . They trade at an attractive forward price-to-earnings multiple of just 28 times, while delivering consistent annual EPS growth of over 20% over the next 3 years.
Amazon is the best diversified player in artificial intelligence. Fourth on the list is icker TSM. While the market panicked over short-term peak profits and geopolitics, David Ter saw an irreplaceable bottleneck in the AI supply chain . According to the latest portfolio updates , Appaloosa Holdings increased its stake in TSMC by 17.48%, purchasing an additional 198,000 shares to secure a huge position of $449 million, representing 7.56% of the total portfolio.
TSMC's operating performance is absolutely textbook. In the first quarter of 2026, the company completely exceeded its own forecast, posting a stunning 40.6% year-over-year increase in revenue to $35.9 billion. Gross margin increased to a phenomenal 66.2%, and operating margin reached 58.1%. This stellar performance is fueled by an insatiable appetite for high-performance computing.
Additionally, TSMC is aggressively expanding its moat, capturing an incredible 73% of the total pure foundry market share . Financially, TSMC is a real fortress, with $106 billion in cash against just $34.2 billion in total liabilities. Management is judiciously increasing capital spending to actually over $55 billion this year to cover the implementation of artificial intelligence.
Strategic pricing levers, including an expected 15% price increase in the second half of the year, will help maintain cash flow profitability well above 30%. Trading at a very reasonable price, exceeding 23 times earnings forecast, TSMC is the safest bet for mastering the AI process. Finally, Micron Technology, ticker MU, rounds out our list.
While many investors chased volatile positions in the software industry , David Ther recognized memory as the ultimate physical limitation of the AI revolution. According to a recent 13F filing , Appaloosa Holdings increased its huge position in Micron by 11%, purchasing 165,000 shares. This brings Tera's total stake to 1.7 million shares, providing an impressive valuation of $563 million , representing 9.48% of his portfolio.
The main growth engine driving Micron is a structural bottleneck in manufacturing known as the 4:1 catalyst. For every unit of advanced high-speed HBM4 memory produced, four units of traditional DRAM wafer capacity must be physically sacrificed. This mechanical limitation severely constrains supply in the industry, while demand for AI is growing rapidly, giving Micron enormous pricing power.
Financially, Micron functions as a revenue driver. In its recent second quarter, it delivered an impressive revenue of $24 billion , a record gross margin of 74.4%, and earnings per share of $12.20. 20 shillings. Underscoring its excellent economic stability, the company generated 12 billion in operating cash in one quarter, fully exceeding all of its long-term debt obligations of 9.56 billion dollars.
With HBM's actual capacity sale through 2027 and a third-quarter gross margin of 81%, the growth trajectory should accelerate. Micron shares are trading at around $1,134, providing of just 9.6 times, based on consensus fiscal 2027 earnings of $118 per share. Ter understands that while GPUs are vital, Micron controls a critical bottleneck that supports the AI ecosystem.
The rotation of David Thera's multi-billion dollar portfolio clearly shows that the first phase of the AI gold rush is underway. By moving away from legacy chip giants and investing in infrastructure, custom silicon, energy, and distribution networks, Appaloosa is determined to pave the way forward. Follow these institutional steps closely, and we'll see you in the next one...
Comments 0