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Welcome back to the investors channel. And David Tepper has just shown us where he believes one of the biggest market opportunities will be in the coming years, because the new Appaloosa 13F has just been released and there are some really important developments. Tepper has once again increased its position on Amazon.
It maintains a huge position in Micron, although it has sold a significant portion of its shares. TSM C has increased. It maintains a huge position in Alphabet. At the same time, it is reducing or completely eliminating positions in companies such as Microsoft, Sandisk, PDD, JD, and others. But here's the really interesting part.
At first glance, we might think that David Tepper is simply buying artificial intelligence. But when we look at the whole portfolio, the story is much more interesting, because Tepper isn't just betting on chips. It is investing in the infrastructure that artificial intelligence needs, in the cloud, in semiconductors, in memory, in energy, in data centers.
And at the same time, it is beginning to reduce its exposure in some companies where it probably considers the risk- reward ratio to be no longer as attractive. Today I want to analyze exactly what he's doing, because copying a billionaire's trades is not an investment strategy. But understanding what it's trying to do can be extremely useful, and what's particularly interesting is that four companies stand out significantly within this portfolio.
So let's analyze them one by one and then we'll see what Tepper is really telling us with all his sales figures. Let's begin. First, we need to understand what we are looking at. Appaloosa's 13F shows the positions declared at the close of the second quarter, that is, June 30 of this year. Here is a very important warning.
This does not mean that Tepper holds exactly those positions right now. There is a delay between the end of the quarter and the publication of the document. Furthermore, a 13F does not show us the entire portfolio of a hedge fund. We don't see all the short positions, we don't necessarily see all the cash, we don't see all the international transactions, and we also can't reconstruct exactly what was bought or sold each day during the quarter.
Therefore, this is a photograph. But it 's quite an interesting photograph. And the first thing that catches your eye is the size. The declared portfolio exceeds $7.7 billion. It is quite concentrated. This is important because when David Tepper invests hundreds of millions of dollars in a company, we are talking about a decision that can have a significant impact on the portfolio.
And the number one position is Amazon. Amazon becomes one of Appaloosa's big bets . We are talking about approximately 5 million shares with a value close to $1.2 billion at the end of the quarter. This continues a trend we had already seen previously. Tepper is increasing Amazon. I think there's a very clear reason here : AWS.
Amazon Web Services. Because if you want to invest in artificial intelligence, you don't necessarily have to buy directly from a chip manufacturer. You can buy the infrastructure that allows companies to use those chips. And AWS is one of the main players. Every time a company wants to train models, every time it wants to run artificial intelligence applications, every time it needs storage, databases or computing power, it needs that infrastructure.
And Amazon has an extraordinarily strong position. But in addition, we have the one about advertising. And we have e-commerce, we also have Prime, and we have the entire logistics network. That means Amazon has several growth engines running simultaneously. And I think this explains why Tepper has maintained such a significant investment, because there's something we have to remember: Tepper buying Amazon doesn't automatically mean Amazon is cheap.
This distinction is fundamental. A company can be extraordinary, it can have a spectacular future, and yet we can still pay too much for it. Therefore, if we then want to decide whether [snort] Amazon is an investment opportunity, we have to look at profits, cash flow, capex, basically what we are doing in this channel when we analyze companies fundamentally and technically.
But Tepper's clear signal is that Amazon continues to be one of his big bets. Now, let's move on to the second company, Micron. Here we have probably one of the most curious movements in the entire portfolio, because Appaloosa ended the quarter with approximately 975,000 shares of Micron. That represents a reduction of around 40% compared to the previous quarter.
He sold approximately 690,000 shares. And here one might think, Tepper is becoming a bassist with Micron, right? But be careful, because the value of the position practically doubled. Because? Because Micron had a spectacular rise during the quarter. The stock price soared by around 240% during this period.
So even though Tepper sold a huge amount of shares, the remaining value of the position ended up being higher. And that's very important, because we're probably seeing one of the most interesting features of Tepper's investment style: taking profits, not necessarily abandoning the entire position. Micron is not one of the beneficiaries of the AI boom because the models increasingly require more memory.
Here appears HBM, High Bandwidth Memory. High-bandwidth memory has become one of the fundamental components for artificial intelligence accelerators. And Micron is increasing its exposure to this market. The problem is that financial markets can anticipate growth too quickly. If a stock rises more than 200% in a short time, even if the fundamentals are excellent, the valuation may begin to incorporate an extremely optimistic scenario.
And this is perhaps what Tepper is doing. He's not necessarily saying that Micron is a bad company. You might be thinking that after this rise I prefer to collect some of the profits, which is quite logical. In fact, there is an even more interesting sign. Tepper left Sandisk completely. And Sandisk had also experienced a spectacular rise.
Therefore, when we combine both operations, a fairly reasonable hypothesis emerges. Tepper continues to believe in artificial intelligence and the demand for memory, but is reducing some of its exposure to the memory cycle after an extraordinary surge. That's risk management. And now we move on to the third major position, TSMC or Taiwan Semiconductor.
Here the approach is much more structural. Because if Amazon represents cloud infrastructure and Micron represents memory, TSMC, as we know, represents the manufacturing of advanced chips. Nvidia designs the chips, AMD does too, Apple does too, but someone has to manufacture them. And TSMC occupies an extraordinarily important position within that chain.
That's why I find it especially interesting that Tepper is increasing his position here, because he doesn't need to know exactly who will be the ultimate winner of artificial intelligence. You can bet on the growth of the entire industry. If Nvidia grows, TSMC can benefit. If AMD grows, TSMC can benefit as well.
If custom chips from hyperscalers grow, so will TSMC. It's a kind of bet on the industry's bottleneck. But here we have a huge risk: geopolitics. We already know that TSMC is in Taiwan. And that introduces a variable we cannot ignore: the relationship between the United States and China, the possibility of trade restructurings, technology policy, and, of course, the geopolitical risk surrounding Taiwan.
Therefore, TSMC can be a fantastic company and at the same time have risks that Amazon and Alphabet do not have to the same extent. And that brings us to the fourth company, Alphabet. Tepper holds approximately 1.85 million shares valued at over $650 million. Here we have another fundamental piece of AI, because Google doesn't just have the search engine, it has YouTube, advertising, Google Cloud, Gmail and much more.
And it has a gigantic amount of data. But probably the biggest question about Alphabet is also one of the most interesting. Can artificial intelligence destroy your search business? Because for years Google has had a dominant position in search. Now we have ChatGPT, we have Gemini. We have new search engines based on artificial intelligence and we have a potential change in the way people find information.
That represents a risk, but it also represents an opportunity. Because if anyone has the capacity to compete in this new generation of search, Google is probably among the best positioned companies. That's why I find it interesting that Tepper maintains such an important position. It's not just betting on the current business; it's also betting on Alphabet's ability to adapt to the next technological cycle.
And now we come to the part that really interests me, sales, because many times we only focus on what the big investors buy, but what they sell can be even more important. Tepper completely exited Microsoft, also exited Sandisk, PDD, JD.com, RTX, L3Harris, Lyft, UnitedHealth, Deutsche Bank, Ball and the QEP ETF.
And this is a significant number of closed positions. What does it mean? We cannot know exactly why she sold each one, that would be speculation, but we can observe a pattern. Tepper is reducing the number of bets. It is concentrating capital and moving money towards certain areas where it seems to have greater conviction.
Artificial intelligence reappears here, of course, because while it exits some positions it maintains significant exposure in Amazon, Micron, TSMC, Alphabet, Nvidia, Meta and other technology-related companies. But there is also a piece that I find fascinating: energy, Vistra Energy and other positions related to the electricity supply.
Because? Because there is a consequence of artificial intelligence that many investors still underestimate. Data centers need electricity, lots of electricity. If we build more and more data centers to train and run AI models, we need power generation, we need networks, we need capacity, infrastructure.
And that's why Tepper seems to be seeking exposure not only to software and chips, but also to the energy infrastructure that makes it all work. Here, I believe, lies the central thesis of that portfolio. Tepper isn't simply buying artificial intelligence; it's buying the entire ecosystem: computing, cloud, chips, memory, manufacturing, energy, and platforms that monetize AI.
Amazon, TSMC, Micron, Alphabet, Nvidia, Meta, Vistra, Energy. Everything is starting to connect, isn't it? But there is another movement we cannot ignore: Boeing and American Airlines. Tepper opened positions in these companies, and that introduces a completely different dimension, because airlines are extremely sensitive to the economic cycle.
If the US consumer remains strong, if employment holds steady, if travel continues, and if fuel prices don't skyrocket, airlines can generate a lot of cash, but they also face risks, which include fuel, wages, debt, capacity, competition, and a possible economic slowdown. That's why I find these positions interesting, because they show us that Tepper isn't building an exclusively technology portfolio.
It is looking for different sources of profitability. And now I want to talk about Apple. Because here we have a particularly interesting operation. Apple USA declared puts on Apple worth hundreds of millions of dollars. And this is very important, because while maintaining a portfolio highly exposed to growth and technology, it is also using options to protect itself or express a more negative view on certain companies.
We ca n't assume exactly what the strategy behind these puts is, but we can see something. Tepper does not completely agree due to the market valuation. You can be very bullish on artificial intelligence and at the same time think that certain stocks are too expensive. You may be bullish on the market and use options to protect yourself.
And that's precisely what makes studying a portfolio like this so interesting, because it's not simply about buying these stocks, is it? It's a [snort] combination of conviction and risk management. And this is probably the biggest lesson I would take from this February 13th. Don't copy, analyze. Because when we see Tepper buying Amazon, we can ask ourselves, what is he seeing in this company?
When TSMC increases, what bottleneck is it anticipating here? And when he keeps Micron after selling part of it, is he only taking profits? We don't have the exact answer, but we can build a hypothesis. And this is much more useful than copying a portfolio. However, there is something that is even more important.
The 13F we are seeing corresponds to June 13th. And it's August. That means the market has already changed. Prices have changed, and so have expectations. And Tepper may have carried out new operations during July and August that we do not yet know about. That's why you should never use a 13F as an immediate buy signal.
I would use it as a radar. In this case, the radar is pointing towards several very interesting areas. Amazon and the growth of AWS, memory and artificial intelligence, TSMC and advanced manufacturing, Alphabet and AI monetization, energy and infrastructure for data centers, and turnover from companies where potential may be more discounted.
And now you're probably thinking, okay, but which of these companies would you buy? Here I want to do exactly what we always do at Simple Finance. I don't want to decide solely by looking at what David Tepper bought. I want to value companies, because a company can be fantastic and still be overvalued.
And a company that has failed can still be expensive. Therefore, before reaching a conclusion, we need to analyze margin growth, revenue, free cash flow, debt, repurchases, capex, and multiples. And above all, the intrinsic value, because that's the difference between saying Tepper bought Amazon and saying Amazon is worth X and the market is currently paying Y.
That second piece of information is what really allows us to make a decision. In conclusion, what is David Tepper telling us with his 13F of the second quarter of 2026? For me, the main message is quite clear. Tepper continues to invest in AI. But he's not making a blind bet. It is diversifying within the ecosystem.
Amazon for cloud and platform, Micron for memory, TSMC for manufacturing, Alphabet for advertising, cloud and artificial intelligence. And surrounding all of this we have Nvidia, Meta, energy and data centers. But at the same time, it is reaping the benefits. He is exiting companies, closing positions, and using options.
And it is looking for opportunities in sectors such as airlines. That seems much more interesting to me than simply saying David Tepper bought these shares and now we're going to buy them too. Because what he's really doing is managing a portfolio. And that's something many individual investors forget.
Investing is not just about finding good companies. It consists of deciding how much capital to allocate to each one. How much to increase, when to decrease, when to reap profits, and when to accept that a better opportunity exists. Therefore, if I had to summarize Tepper's entire portfolio in one sentence, that would probably be it.
He still believes in artificial intelligence, but he wants to make money across the entire value chain, not just on the most famous chip. And now we have to check if those companies still offer an opportunity, because it's one thing for David Tepper to have bought and quite another for us to be able to buy today at an attractive price.
And that is precisely the part we are going to analyze. Before drawing a definitive conclusion, I want to calculate the intrinsic value of the main companies using growth, margins, cash flow and different valuation scenarios, in addition to reviewing the technical aspects. Because in the end I don't want this video to end with Tepper bought it, so you buy it too.
I want to end things with this company; it's worth approximately that much . The market is paying for this, and therefore the risk-reward ratio is this. That's the way I believe we should invest. And if you want to follow those moves by big investors more closely, remember that I also have a Patreon.
There I share a weekly report on the market in general, some companies that I have on my radar, and a weekly report with the catalysts of the week. Swing ideas, companies reporting earnings, and important news that could affect the financial market. . Of David Tepper's major positions, which one do you find most interesting?
Amazon, Micron, TSMC or Alphabet. Or do you think the real opportunity lies in the energy and infrastructure that artificial intelligence needs? Leave it in the comments. And if you liked this analysis, give it a like, subscribe, and we'll .
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