Tepper holds AMZN as his top position at 15% of his portfolio while slashing MU by 41%, booking gains before the stock fell nearly 16%. Tepper exited Microsoft entirely and added $157M to Alphabet and $130M to Meta, rotating hyperscaler exposure toward ad-funded AI plays. AWS revenue hit $42 billion and NVIDIA's Data Center segment reached $75 billion, a 92% increase, validating Tepper's concentrated AI infrastructure thesis.
Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now. David Tepper's Appaloosa LP disclosed its Q2 2026 13F on Friday, August 14, 2026, revealing a portfolio anchored by five mega-cap AI names: Amazon, Micron, Taiwan Semiconductor, Meta, and Alphabet.
Focusing on the tech-heavy positions retail investors most often track, Tepper's disclosed holdings in Amazon (NASDAQ:AMZN), Micron Technology (NASDAQ:MU), NVIDIA (NASDAQ:NVDA), Meta Platforms (NASDAQ:META), and Alphabet (NASDAQ:GOOG) form the spine of a concentrated bet on AI infrastructure economics. The filing reflects positions as of June 30, 2026. 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 entirely, making the additions to META and GOOG a deliberate rotation inside hyperscaler exposure.
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%.
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