Tepper's complete exit from SNDK and GLW has been validated by subsequent price action, with both stocks dropping 28% and 35% respectively since his Q2 close. Tepper held $1.1 billion in Micron and added to Baidu, betting on highest-conviction single names over broad memory and China baskets. Defense is the only theme Tepper exited without a replacement, making his RTX and L3Harris walkout the clearest directional bet of the quarter.
The most widely read finance newsletter on Substack isn't published by a bank, it's Doomberg, where 383,000+ readers get the energy and macro analysis the mainstream press misses. 24/7 Wall St. readers save 17% on their first year here. David Tepper's Appaloosa Management closed out 12 positions entirely in the Q2 2026 13F filed August 14, 2026, and the pattern beneath the list reveals a fund narrowing sprawling thematic bets down to single-name conviction plays. The complete exit list, as of June 30, 2026: SanDisk (NASDAQ:SNDK) 281,250 shares, Corning (NYSE:GLW) 1,129,500 shares, PDD Holdings (NASDAQ:PDD) 900,000 shares, JD.com (NASDAQ:JD) 1,305,000 shares, L3Harris Technologies (NYSE:LHX) 198,000 shares, RTX (NYSE:RTX) 342,000 shares, Ball Corporation 837,000 shares, Microsoft (NASDAQ:MSFT) 90,000 shares, the KraneShares CSI China Internet ETF (NYSEARCA:KWEB) 1,080,000 shares, UnitedHealth 90,000 shares, Lyft (NASDAQ:LYFT) 2,700,000 shares, and Deutsche Bank 257,616 shares.
Tepper's 2026 track record was built on chips. Bloomberg reported Appaloosa returned 32% in the first half of 2026 driven by memory-chip makers. Yet he walked entirely out of SanDisk, a stock up 591.34% year-to-date through August 14 and boasting a 5-quarter EPS beat streak with Q4 FY2026 revenue of $8.97 billion and gross margin of 84.6%.
Tepper's exit from SanDisk would have looked brialliant as the stock imploded throughout July, but shares have rebounded in recent weeks. SanDisk issued a long-term framework this year that forecasts non-GAAP gross margins at 80% in the 2028 to 2030 period. Before Doomberg published a word, its team spent long careers in heavy industry, private equity, and the hard sciences.
They take no advertisers and serve no institution — which is why their lateral-thinking coverage of energy, finance, and geopolitics reads nothing like consensus financial media. Doomberg has set aside a discounted rate exclusively for 24/7 Wall St. readers — it isn't available on their main page. Second, the paired defense walkout.
RTX and L3Harris both went to zero shares held in the same quarter despite RTX raising FY2026 EPS guidance to $7.10-$7.25 and L3Harris signing a seven-year THAAD/PAC-3 framework worth approximately $12 billion of future production revenue. Third, the China dismantling. He exited PDD, JD.com, and the KWEB ETF, and trimmed Alibaba by 1,465,000 shares.
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