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Tepper sells AI memory stocks while loading up on Magnificent Seven in 2Q
CNBC • • business
Key Points:
- David Tepper's Appaloosa Management significantly increased its holdings in megacap tech stocks during Q2, notably boosting Amazon by over 15% to nearly $1.2 billion and Meta Platforms by almost 55% to about $380 million.
- Tepper also expanded stakes in Alphabet by nearly 7% and initiated a new position in Apple valued at more than $241 million, maintaining a strong focus on major technology firms.
- Conversely, Tepper reduced exposure to memory chip makers, cutting Micron Technology by over 41% despite its massive 240% gain in Q2, and fully divested from Sandisk after its recent sharp decline.
- Following the quarter, Appaloosa reportedly increased its memory stock holdings again, capitalizing on the sector's recent downturn, indicating a strategic approach to volatility in AI-related hardware investments.
- Outside of technology, Tepper established new positions in Boeing and American Airlines worth approximately $173 million and $136 million, respectively, while selling stakes in Corning, L3Harris, and RTX.
