David Tepper’s Appaloosa Management ramped up several technology and artificial intelligence-related investments in the first quarter, according to a regulatory filing released Thursday. Amazon was Appaloosa’s largest public holding at the end of March, valued at about $900 million after the hedge fund increased its position by 98% during the quarter. The Miami-based company also raised its stake in Uber by 242%, its stake in Vistra Energy by 114% and added 18% to its Taiwan Semiconductor stock. Appaloosa increased its position in Micron Technology by 11% and increased its stake in the iShares MSCI Korea ETF (EWY). The hedge fund also disclosed a large new position in SanDisk, worth about $179 million at the end of March. The move underscores Tepper’s continued positioning around AI-related themes, including semiconductors, cloud infrastructure, and growing power demand from data centers. At the same time, hedge funds reduced their holdings in some stocks. Appaloosa cut its stake in Alibaba Group by 33%, Alphabet by 3% and Nvidia by 13%. Despite the cuts, Alphabet, Alibaba and Nvidia all remained in Appaloosa’s top 10 disclosed U.S. stock holdings at quarter-end. Mr. Tepper, founder of Appaloosa Management, is known for focused bets across technology, macro and cyclical sectors. The billionaire investor has been closely watched on Wall Street for his positioning in the AI-driven rally that has pushed stocks to record highs over the past two years.
