The latest filing landed on May 15, 2026, revealing the current equity holdings for Appaloosa Management as of March 31, 2026. David Tepper’s firm currently manages a portfolio worth approximately $5.93 billion, spread across 20 distinct equity positions.

Amazon takes the top spot

The largest position in the entire portfolio is Amazon.com Inc (AMZN), which accounts for $899.73 million, representing 15.16% of the fund’s total equity value. The decision to increase this stake suggests a heavy conviction in the company’s current operational direction. It stands as the clear anchor of the portfolio, towering over other holdings in terms of raw dollar allocation and overall weighting.

What happens when chips go to the top?

Micron Technology Inc (MU) represents the second-largest holding, valued at $562.50 million and making up 9.48% of the fund. Like Amazon, this position saw an increase during the quarter, indicating that the firm is continuing to build on its semiconductor exposure. The concentration here highlights a specific interest in the memory chip market that remains central to the firm's broader thesis.

Trimming the cloud giants

Alphabet Inc-Cl C (GOOG) sits in the third position at $497.04 million, but unlike the top two, this allocation represents a decrease in the firm's holdings. At 8.38% of the portfolio, the position remains significant, yet the move to trim signals a shift in the manager’s appetite for Alphabet’s current price valuation. The departure from a pure-buy strategy on big-tech search entities is a noticeable pivot when viewed against the rising stake in Amazon.

Moving into ride-sharing and infrastructure

Uber Technologies Inc (UBER) has seen its position grow to $455.51 million, or 7.68% of the total, following an increase in shares. Similarly, Taiwan Semiconductor-SP ADR (TSM) accounts for $448.63 million, or 7.56% of the portfolio, and also saw an increase this quarter. These moves reflect a deliberate expansion into both global logistics infrastructure and semiconductor manufacturing supply chains.

The China exposure adjustment

Alibaba Group Holding-SP ADR (BABA) currently holds a value of $434.72 million, representing 7.33% of the total allocation. Despite the size of this position, the firm chose to decrease its exposure during the quarter. This reduction sits in contrast to the broader increases seen elsewhere in the portfolio, suggesting a targeted reduction in Chinese e-commerce risk.

Power and regional ETFs

Vistra Corp (VST) now accounts for $304.02 million, or 5.12% of the fund, following an increase in the holding. The firm also increased its stake in the iShares MSCI South Korea ETF (EWY), which is valued at $295.22 million and represents 4.98% of the overall portfolio. These additions show that the manager is finding value in specific energy utility providers and regional diversification via EWY insights.

Notable drops outside the top tier

The portfolio also saw reductions in several high-profile names that fall outside the very top holdings. Nvidia (NVDA) was reduced to a value of $256.63 million, signaling a cooling of the position in the chip giant. Meta (META) saw its value lowered to $249.73 million, and Corning Inc (GLW) was reduced to a value of $153.58 million. Each of these decreases suggests the manager is harvesting gains or reallocating capital away from these specific hardware and platform names.

The new arrivals on the balance sheet

The firm added several new names to its ledger this quarter, starting with SanDisk (SNDK) at a value of $178.69 million. This was followed by Lam Research Corp (LRCX) at $81.72 million and Baidu (BIDU) at $77.11 million. Rounding out the new positions are L3Harris Technologies (LHX) at $68.34 million and RTX Corporation (RTX) at $65.97 million. Investors can use the 13F screener to track how these new entries evolve in subsequent periods.

Concentration and management strategy

With a total of 20 positions and $5.93 billion under management, the portfolio remains highly concentrated in technology, semiconductors, and energy-adjacent infrastructure. The mix of increasing core positions like Amazon while simultaneously introducing new industrial and defense-linked names like L3Harris and RTX creates a unique balance. The divergence between the heavy tech betting and the defensive military-industrial additions provides a map of where the firm is looking for stability and growth as the year progresses.

This summary is based on a public SEC filing and is not investment advice; 13F filings are delayed by at least 45 days.