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In this video, I want to comment on the latest portfolio updates from David Tepper of Appaloosa Management. At the time of recording this video, the report had just been updated. David Tepper is a famous investor, a legendary investor with excellent results over the past 20 years. And every quarter he opens new positions.
Most often he is right. Therefore, it is very interesting to follow what David buys and sells, because he has demonstrated over 20% annual returns for many, many years. It's like he has a magic formula that seems to work. So it's very interesting to watch his portfolio. This is the reason why I want to talk about all his assets and different themes, because I have been following his portfolio for many years and know which themes he bets on, which ones he does n't, and how they change.
He once bought China, and now he is selling it. For example, last quarter he bought shares of memory manufacturers. Now that is changing. In this video you will learn everything about one of the best investors in our world. So, if this is your first video on this channel , welcome. My name is Christophe Null.
I have been investing in the stock market for almost ten years. And I achieved a return of 25% per year. My portfolio is public. I am a public investor on this great site called eToro. Anyone can check my portfolio and my results in real time. My return is 19.5%, as you can see on the right of the screen, compared to the S&P 500, which is 13.5%.
So I've been ahead of the market since the beginning of the year because I'm standing on the shoulders of giants like David Tepper . I just watch what moves. Good. So, the first purchase is Amazon, and I want to talk about the first topic of the portfolio, which is technology and hyperscalers. Over the past few months, David Tepper has increased his stake in the US technology sector.
It was n't always like this. Just a few months ago, I don't know, 6 or 9 months ago, the largest share in David Tepper's portfolio was China. China, which is in no way related to Amazon or Google , but that's no longer the case. Amazon is his largest position, accounting for nearly 16% of his portfolio, plus 15% .
By the way, I use the Data Roma website. It is completely free. Everyone can access this information. Good. He also bought more shares of TSMC . Good. More technology. He also slightly increased his stake in Google, which now accounts for 9% of his portfolio. You have Amazon 15% , Google about 10%. This is significant confidence.
Similarly, you can assign a name to the same category. Uberโ7% of his portfolio. He continues to buy more. And, by the way, he is not the only one. I am now reporting on this quarterly portfolio for the second quarter of 2026. But if I click on Uber, you'll see that Terry Smith bought, Bill Ackman bought, Pat Dorsey bought, David Tepper bought.
Many people, many legendary super investors, bought Uber. So maybe it's worth digging deeper here. I'm not a fan of this business personally, but for you, my audience, I think it's a pretty high-quality company, and it seems to be generating a lot of interest from legendary investors. So, we mentioned the technology sector : Amazon, Google, Uber, and also Meta.
He adds even more Meta, increasing the position by 50%, which now represents 5% of his portfolio. This is significant. He appears to invest in a lot of technology companies, which makes up the largest portion of his portfolio. Next up is China. I already talked about China because a year ago he was extremely optimistic about it.
By the way, he appeared on television saying that he was buying Chinese stocks when they were falling. This was the best market at the time due to massive economic stimulus in late 2024โearly 2025 . And that's true. I mean, you can go and check Alibaba or whatever. Look at the sales. Uh, where is Alibaba?
You can look at Alibaba. To some extent, Alibaba was extremely cheap. OK. At the end of 2024โ beginning of 2025, the stock was worth $80. It rose to $120. At that moment, David Tepper went on TV and said, " Guys, because of the massive stimulus in China, I'm going to buy ETFs, stocks, bonds, everything related to China, because they're going to fill the market with a lot of liquidity ." And these stocks have risen significantly.
And because David is so skilled, he almost sold at the peak. And since then, Alibaba has fallen from almost $200 to $100. And now sentiment is worsening . Alibaba is competing in a new arena with low-margin segment like fast commerce and they are burning all their money on capital expenditure. The same, by the way, applies to all other companies.
But yes, it seems like he's doing great in this environment. When these stocks, these Chinese stocks, were being ignored by everyone , he actively bought them during the downturn. And now they have all doubled in size. So he reduces the stake and transfers the funds elsewhere . Let me start with his biggest investment in China.
No, no, no. Alibaba. Alibaba, which used to be his top position, now accounts for 2.5% of his portfolio. He sold half. By the way, if you want to become a better investor and improve your results, I have a coaching program. It gives you the exact method I've used to earn 25% per year for almost a decade.
More about this at the end of the video. And if you want to track changes in his portfolio over time, click this "history" button, press Ctrl + F, type in baba, and you'll see that in 2025, Alibaba was his largest position. OK. Even in 2024, Alibaba was his largest position. 2024, first quarter, 2024, second quarterโ first position.
Third quarter, fourth quarter, throughout 2024, Alibaba was his largest position, throughout 2025, the largest position. And now that the stock has doubled, he's getting out. It reduced its share last quarter. Last quarter, it accounted for 7% of his portfolio. Now he has cut it again. He halved it again .
Now it is 2%. So, the deal is officially complete. And that's why it's so important not to borrow convictions, because maybe you were there a year ago when David Tepper was on TV and said, "I'm buying China. " I am fully invested in China." And Becky Quick , a journalist, then asked: "What is your advantage?" I think it was Becky Quick.
In any case, this is a CNBC journalist asking, โWhat is your advantage?โ "What do you know about China?" To which David Tepper replied: โMy advantage is that I donโt care. I have a suit. I don't care." Well, that's a lot of confidence, but David Tepper has the courage, and he can do it publicly because his results are great.
This is David Tepper. This is just one anecdote, but I can give you ten more . Ten stories about his character, about his personality. He is wonderful. I mean, I would never bet against David. My opinion is that you shouldn't borrow someone else's confidence. If someone appears on TV in a year and a half , heโhe's already out.
So who is left with "suitcases without handles "? Alibaba shares are falling. He has already left the ship. OK. You want to be fast and actually follow what legendary investors are doing . So, the first Chinese position is 2%. If I scroll down, what do I have there? BU. He added more BU. This is the equivalent of Google in China.
I don't like this analogy, but I don't have a better one. It's really the equivalent of Google. I'm not saying it's the same thing , but yes, it's a share of his portfolio. And let me scroll down. Scroll down. Scroll down. That's all. This means that if I click on the activity, you click on the activity, you will see everything that it has shortened.
Alibaba minus 40 %. Pinduoduo is another giant in the Chinese consumer market, e-commerce is growing rapidly. He sold everything. This was 1.5% of his portfolio. He sold everything. Same with JD.com. The same. E-commerce in China, it was less than 1%. He sold everything. Same with China ETF, CraneShares , he sold everything.
So, you can move on to the story. I've already done the work for Baba, but you can do the same for PDD, for example . In the past, in 2025 , PDD occupied 9% of his portfolio, and then he started selling; was 3%, 1%; now he is out. Same with JD. JD, earlier, that is, last year, it was 6% of his portfolio, and then he sold it; 3%, 2%, 2%; He came out.
OK. Same with KWEB. So, the ETF, which is an analogue of the S&P 500, but for China, at the end of 2025 accounted for 4% of his portfolio. You see the yellow color here, then it sold, and now it's out. This is very interesting, and you see that now the Chinese trade for David Tepper is over. This lasted for two years, and I covered all the reports quarterly for two years.
So, it's really interesting to see stocks go up, then you sell everything, buy something else, and now he's buying technology. OK. So, the first topic of the portfolio is technology . He buys more Meta, more Google, more Amazon, more Uber. The second topic is China. He came out. The third topic is chips, semiconductors.
And in this category I have to distinguish between regular chips, regular semiconductors. And the second is memory chips, memory bottlenecks. Okay, let's talk about regular chips first. Okay, regular semiconductors. What do you see? So, a note about Micron. Let me skip this point. TSMC is the third largest.
Taiwan Semiconductor. This is a legendary business. This is 10% of his portfolio. He bought more. He bought another 24%. What else do you have? Korea? No, I'll skip it. Nvidia, that's 4% of its portfolio. And he does nothing. This is strange. I mean, Nvidia hasn't done anything for months. The stock has been consistently flat for months, though it's the best bet on AI.
Well, David Tepper doesn't have much confidence in them. He prefers TSMC. Rightly. Next upโLam Research. This is 2 % of his portfolio. For full transparency: I am also a shareholder in Lam Research. 2% of his portfolio, unchanged. And he cut AMD by 10%, but it's still 1-2% of the portfolio. ASML, he did not touch this position.
He cut Qualcomm in half, and now it is a tiny position of less than 1%. So, in the normal chip industry, it adds a little bit, but not very much. I can click on something else. What is he selling? Corning. Yes, it's from the semiconductor industry. Okay, on the technology side, by the way, he sold Microsoft.
I forgot about this, but he sells Microsoft. It was a tiny position, less than 1%, but he sells it. He buys Uber and sells Lyft. I share this opinion. So, in the normal semiconductor industry, he buys a little bit, but not very aggressively. Now , what about memory maker stocks? If you follow the markets, you know that memory stocks, everything related to this memory shortage, are skyrocketing.
You can look at Micron, there is a triopoly with SK Hynix and Samsung, they are in a market where there is currently a " bottleneck". This is a cyclical market, but right now demand far exceeds supply , which means that all orders are booked, the order book is completely sold out for 2026 and 2027. And they can raise prices, customers will pay.
So when this shortage started to be felt, David Tepper was extremely smart and bought during the rise. I can show you what it means because I can check his briefcase. Micron became 15% of his portfolio. The second largest position. Why? Because the shares have risen so much. Okay, the stock has gone up so much.
I can click on the history and show you Micron over time. Micron, you see, he was always involved here and there . It was the largest position, then a small one, 2%, and then when this memory bottleneck arose, he bought about six months ago; It was 6% of his portfolio, and then he bought more, and it became 9% of the portfolio.
And now the stock has risen so much that he is cutting back on his stake; he sells 40%, which means that if he didn't touch the position. Micron would be the largest position in his portfolio. That's how crazy a movement this is. And he jumped into this rally 3 months ago, 6 months ago. He kept buying and buying, and now he's stopping buying.
Interesting signal, right? He bought during the boom, and now, due to huge profits, he is selling, reducing his stake by 40%. So, that's almost half. The second one is SanDisk. As for SanDisk, it's not just cutting share, it's completely exiting the position. Look at this SanDisk. It used to be a three percent position, but now it's not.
I can do the same thing, go into history and show you the distribution of SanDisk. SanDisk, he bought shares last quarter. This was 3% of his portfolio. The stock had risen significantly in the past three months , and when it went up, he sold. That's strange, right? How can you be optimistic about this memory bottleneck?
You buy Micron, you buy SanDisk, and then they grow a lot. You immediately sell SanDisk and cut Micron in half . Perhaps this is a signal that, with all the data from his legendary fund, he believes the bubble has burst, the bottleneck is gone, and perhaps these stocks have peaked. This could be a signal.
I don't have a clear opinion on this matter. So this is just a guess. It's up to you to decide whether to continue working. Now, what else is in this memory ecosystem? How can I talk about memory without mentioning Korea? Well, David Tepper invested in Korea. And you see he was buying South Korea ETFs.
And in South Korea, if you're not familiar, you can buy ETFs. This is the equivalent of the S&P 500. Uh, it's called KOSPI there. And if you look at the KOSPI or South Korea ETF allocation, how big of a memory bottleneck do you think there is ? The answer is: 25% of the index is Samsung. 25% of the index is SKH.
So the answer is at least 50% of the index is memory. Of course, if you want to invest in this memory deficit, you can invest in South Korea, and that ETF has also risen sharply, and recently fallen significantly. Maybe it's a peak, maybe not. You can see that this ETF hasn't moved anywhere in the last 10-15 years.
And now, thanks to this memory deficit, this bottleneck, the ETF is growing. And there are many examples of people using leverage to capitalize on this boom. And a lot of people are crying about leverage right now . They were shoulder to shoulder at the peak. Now the entire index has fallen by, I don't know, 20%.
If you use leverage, you lose significantly more. So this is a warning to my audience. Please don't use leverage, especially if you 're in this mega-momentum, because with a small pullback, a 10% drop, you 'll be crying. Of course? I know people who tried to use a five-fold leverage and lost everything.
For most people, this ends badly, and I have never used leverage and have no desire to use it. So, strangely enough , he didn't touch his share in South Korea. He added 1%. It comes from SanDisk. He cuts Micron in half, but doesn't touch Korea. Maybe we can calculate the exposure to this memory shortage before and now: I mean SanDisk was at 3%, maybe it went up to 4%.
Micron was cut by 40%. So maybe it was over 20%. So, it's 20 + 4, which is 24. And South Koreaโ6. Perhaps about 30% of his total portfolio was due to this memory deficit. That's a lot. And now it's not 30%, but 21%. So, he reduced his exposure to memory . The fourth big topic is energy, and it's a smaller topic.
He bought Vistra Energy, which makes up 4% of his portfolio. He's been buying a little bit of energy companies, and in addition to that, he has Core, he just opened a position, and he's bought a little bit of SpaceX. Qualcomm is here, Boeing a little bit, American Airlines. Yes, these are starting positions, things that are not anything extraordinary.
Whirlpool, by the way, is also here. He reduced the share of Whirlpool . Whirlpool has been a huge position for him in the past. Whirlpool, edit this. Yes. Four quarters ago, that is, a year ago, Wpool was his third largest position. You know, home appliances. And, well, it seems like it was a deal that didn't work out in his favor, because I don't know what he was expecting, probably a turnaround.
Well, the U-turn never happened. Stocks continue to fall sharply. And David is very smart, which means he makes a bet. If after three or six months nothing is implemented, nothing happens, you get out of position. This is a wonderful ability. This is a great trait for an investorโto be flexible, to be nimble, because the world is very fast right now , it's changing a lot , especially with artificial intelligence, theses can change in half a year.
And if the theses change, you want to get out of the position. You want to change your mind. And David Tepper has been so successful over the past decades because he is very flexible. So, four key themes in his portfolio, all of which are evolving. Chinese trade is a thing of the past. Um, the memory chip trade, he seems to be cutting back on the share, but he's still bullish on semiconductors, as he is on technology.
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