David Tepper‘s latest portfolio update suggests the billionaire hedge fund manager is expanding his AI playbook beyond the industry’s familiar names.
While Appaloosa Management increased stakes in Nvidia Corp (NASDAQ:NVDA), Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM), Amazon.com, Inc. (NASDAQ:AMZN) and Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) during the second quarter, its newest AI-related position was cloud infrastructure provider CoreWeave, Inc. (NASDAQ:CRWV), underscoring a growing focus on the companies powering artificial intelligence rather than just building it.
David Tepper Adds CoreWeave to Growing AI Portfolio
According to Appaloosa Management’s latest Form 13F, Tepper initiated a new position in CoreWeave worth about $107.3 million during the second quarter. The fund also established a new stake in Broadcom Inc. (NASDAQ:AVGO), another key supplier to AI infrastructure, while increasing existing holdings in Nvidia, TSMC, Amazon, Alphabet and Meta Platforms, Inc. (NASDAQ:META).
The filing shows Tepper’s AI exposure extends well beyond chip designers. CoreWeave, one of the largest providers of GPU cloud infrastructure for AI workloads, joins a portfolio that already includes semiconductor leaders, hyperscale cloud beneficiaries and companies supporting the computing backbone behind generative AI.
It’s worth noting that 13F filings are a snapshot of holdings as of June 30, 2026, and don’t reflect any portfolio changes Appaloosa may have made after the quarter ended.
Tepper Rebalanced Within AI as He Trimmed Other Tech Holdings
The new CoreWeave investment came alongside several notable portfolio adjustments. Appaloosa reduced its stakes in Advanced Micro Devices, Inc. (NASDAQ:AMD) and Micron Technology, Inc. (NASDAQ:MU), while exiting positions in Corning Inc (NYSE:GLW), Sandisk Corp (NASDAQ:SNDK) and Microsoft Corp (NASDAQ:MSFT) altogether.
The filing doesn’t explain Tepper’s investment rationale, and 13Fs don’t reveal when trades were made during the quarter or whether some positions serve as hedges. However, the disclosed holdings show capital moving toward a concentrated group of AI infrastructure leaders while several legacy technology positions were reduced or eliminated.
Outside technology, Tepper also initiated new positions in Boeing Co (NYSE:BA), American Airlines Group, Inc. (NASDAQ:AAL) and The Goodyear Tire & Rubber Company (NASDAQ:GT), while exiting holdings including Lyft, Inc. (NASDAQ:LYFT), JD.com, Inc. (NASDAQ:JD), PDD Holdings Inc. (NASDAQ:PDD), RTX Corp (NYSE:RTX), UnitedHealth Group Inc (NYSE:UNH) and Ball Corp (NYSE:BALL).
The number of disclosed holdings fell from 31 to 27 even as the reported portfolio value increased to approximately $7.7 billion from $5.9 billion, reflecting a more concentrated portfolio.
What Investors Should Watch Next
CoreWeave’s addition is notable not because it is Appaloosa’s largest new position, but because it broadens Tepper’s exposure to a critical layer of the AI ecosystem. Investors should watch whether future filings show Appaloosa building on that position or whether the fund continues consolidating capital around companies tied to AI computing infrastructure as enterprise demand for AI capacity grows.
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