David Tepper’s Appaloosa LP disclosed its Q2 2026 13F on Friday, Aug. 14, revealing a portfolio anchored by five mega-cap AI names: Focusing on the tech-heavy positions retail investors most often track, Tepper’s disclosed holdings in Amazon (NASDAQ:AMZN | AMZN Price Prediction), Micron Technology (NASDAQ:MU), NVIDIA (NASDAQ:NVDA), Meta Platforms (NASDAQ:META) and Alphabet (NASDAQ:GOOG), forming the spine of a concentrated bet on AI infrastructure economics.
What Tepper Actually Did
The filing reflects positions as of June 30. Amazon remained the top holding at 15.42% of the portfolio, roughly $1.19 billion across 5 million shares. Micron held the #2 slot at 14.57% ($1.13 billion, 975,000 shares), but Tepper cut the share count by 41%, a decisive round of profit-taking after the stock’s run. He added to the three other mega-cap AI names: Meta (+$130 million), Alphabet (+$157 million) and NVIDIA (+$49 million). He also exited Microsoft (NASDAQ:MSFT) entirely, making the additions to META and GOOG a deliberate rotation inside hyperscaler exposure.
The Thesis Behind The Book
The common thread is AI infrastructure monetization. Amazon’s Q2 earnings report gave Tepper his validation: AWS revenue hit $42.2 billion, up 36.7% year over year, with a $496 billion backlog and operating margin of 39%. CEO Andy Jassy told analysts the lion’s share of 2027 capacity is already reserved, with significant 2028 capacity spoken for. Alphabet’s Google Cloud grew 82% year over year to $24.8 billion, with backlog reaching $514 billion. NVIDIA’s Data Center segment ran at $75 billion, up 92%, with Q2 revenue guided to $91 billion. Meta, despite an EPS miss, posted ad revenue of $59.4 billion, up 27%, with price per ad up 12%.
The Micron trim is the interesting tell. Even after cutting 41% of the share count, Tepper kept it at 14.57% of the book. Micron’s 16 Strategic Customer Agreements now represent roughly $100 billion in cumulative minimum-price revenue, with floor margins well above prior peak cycles. He booked the parabolic gain but kept the structural exposure.
Should Retail Follow?
Price action since the filing snapshot is mixed. From June 30 through August 14, AMZN rose 10.2%, NVDA gained 12.53%, and META added 4.72%. But MU fell 15.81% and GOOG slipped 2.77%. Tepper’s Micron trim looks well-timed; the additions to GOOG and META are still proving out.
The takeaway for a retirement-focused investor: this is a coherent AI-capex thesis, not a scattershot bet. The hyperscalers (AMZN, GOOG, META) are the demand side, NVIDIA is the pick-and-shovel, and Micron is the memory bottleneck. The other half of that trade sits with the power, cooling, and networking suppliers feeding the data-center buildout, which we profiled in a free report on seven AI infrastructure stocks that aren’t chipmakers. Valuations are stretched (NVDA trades at a trailing P/E of 34) but backed by locked-in backlogs measured in hundreds of billions.
Following Tepper here is defensible; blindly matching his sizing is not. The signal worth copying is the discipline of trimming winners like Micron into strength while pressing the still-cheap Alphabet position.
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