David Tepper’s hedge fund Appaloosa Management filed its Q2 2026 13F on August 14, revealing a major portfolio reshuffle. The fund trimmed or exited several China and chip positions while moving deeper into AI infrastructure and power stocks.
Tepper cut his Alibaba stake by roughly 12% and completely sold out of JD.com and PDD Holdings. He also exited the KraneShares CSI China Internet ETF, removing his broad China internet exposure.
Alibaba Group Holding Limited, BABA
But he did not walk away from China entirely. Appaloosa added around 14% more to its Baidu position, making it the standout China bet in the portfolio.
The moves show Tepper picking individual companies rather than betting on China as a whole. His total disclosed holdings shrank from 31 to 27 positions, while the portfolio’s reported value grew from $5.9 billion to $7.7 billion.
On the technology side, Tepper exited SanDisk entirely after the stock had risen 591% since he bought in. He trimmed Micron by 690,000 shares, though he still holds 975,000 shares worth over $1.1 billion. He also cut Advanced Micro Devices and Qualcomm.
The money did not leave the AI trade. It went deeper into it.
Tepper added 680,000 Amazon shares, pushing the total to 5 million shares. Amazon is now his largest disclosed position. He added shares to Taiwan Semiconductor Manufacturing and topped up his Nvidia stake.
He also opened a brand new position in CoreWeave, buying 1,078,248 shares valued at around $107 million. CoreWeave has a reported $104 billion revenue backlog already booked.
Perhaps the most overlooked part of the filing is Tepper’s growing bet on electricity.
He added to Vistra and NRG Energy, two independent power producers that supply electricity to data centers. Vistra is down nearly 8% year-to-date and NRG is down almost 20%, even as chip stocks have surged.
Vistra recently formed a new venture called Helix Digital Infrastructure alongside Nvidia, KKR, and the Kuwait Investment Authority. NRG committed $3.2 billion to build a 1.2-gigawatt facility in Texas for a major hyperscaler, targeting $500 million in annual EBITDA.
The Department of Energy projects data centers could account for 12% of total U.S. electricity demand by 2028.
Tepper appears to be betting that whoever wins the AI chip race, they will all need power to run it. Vistra trades at around 16 times forward earnings and NRG at 14 times, both well below the chip designers.
The 13F reflects holdings as of June 30, 2026. Positions may have changed since then.
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