What David Tepper Bought in Q2 2026: Appaloosa's Latest 13F Moves
David Tepper's latest 13F filing shows a strategic rotation out of cyclical memory stocks into AI infrastructure and industrial plays.
Why David Tepper matters
David Tepper is widely regarded as one of the most successful hedge fund managers in history, primarily due to his opportunistic, macro-driven approach. His firm, Appaloosa Management, is famous for its ability to identify mispriced assets during periods of extreme market dislocation.
Tepper's philosophy centers on buying despair, a strategy that has yielded massive historical returns. In 2009, he generated approximately $4 billion in profit by aggressively purchasing distressed bank debt when the financial system appeared to be on the brink of collapse.
His track record includes a 29.5% return during the 1997 Asian Financial Crisis and a 149% return in 2003 by betting on distressed debt from companies like Enron and WorldCom. Investors monitor his 13F filings closely as a bellwether for institutional sentiment on cyclical and distressed opportunities.
New buys
Appaloosa's Q2 2026 activity reflects a strategic rotation within the AI theme and a broader industrial bet. The fund is concentrating capital in high-conviction ideas while maintaining hedges against market volatility.
- Boeing (BA): $173.18M position, reflecting a bet on industrial recovery.
- American Airlines (AAL): $135.53M position, indicating a play on travel sector resilience.
- CoreWeave (CRWD): $107.33M position, aligning with the fund's focus on AI infrastructure.
- Apple (AAPL): 835,000 put options, likely used as a tactical hedge against broader tech exposure.
- Berkshire Hathaway (BRK.B): $12.5M in put options, serving as a defensive portfolio adjustment.
What David Tepper sold
The fund's divestments highlight a clear pivot away from the cyclical memory-chip stocks that dominated the first half of 2026. Tepper appears to be locking in gains from the AI-driven rally while rotating capital into more stable industrial assets.
- Micron Technology (MU): Reduced position by 41%, signaling profit-taking after a significant run-up in AI-related memory stocks.
- SanDisk (SNDK): Exited 100% of the position following a period of strong performance.
- Lyft (LYFT): Exited 100% of the position, likely rotating into competitor Uber Technologies to favor scale and competitive strength.
Read-through for retail
Retail investors should view Tepper's moves as a shift in risk appetite rather than a wholesale exit from the tech sector. While he is trimming high-beta memory plays, his continued exposure to AI infrastructure through CoreWeave suggests he remains bullish on the long-term growth of the AI ecosystem.
The use of put options on Apple and Berkshire Hathaway indicates that even a manager known for high-conviction bets is currently prioritizing capital preservation. Investors should monitor these positions for signs of further hedging or potential unwinding in the coming quarter.
- Apple (AAPL): Maintain a cautious outlook as institutional hedging activity increases.
- Boeing (BA): Watch for operational improvements as the primary catalyst for the new $173.18M position.
- American Airlines (AAL): Monitor fuel costs and consumer travel demand as key performance drivers.
- CoreWeave (CRWD): Track data center capacity growth as the primary indicator for this AI infrastructure play.