David Tepper Ditches NVIDIA for Amazon as AI Infrastructure Cycle Gains Traction
Billionaire David Tepper has revealed his largest stock holding, and it's not NVIDIA. According to a recent filing, Appaloosa Management nearly doubled its Amazon (NASDAQ:AMZN) stake in Q1 2026, adding around 2.14 million shares to bring the total to about 4.3 million.
This positions makes Amazon Tepper's single largest holding at roughly 15% of the $5.93 billion portfolio, up from third place at 7% in Q4 2025.
Tepper made this move during a quarter when sentiment around hyperscaler CapEx was deteriorating. However, he used that drawdown to build size and is now ahead by over 29%, with shares at $268.78 on Aug. 12.
The contrarian signal is sharper than the price gain suggests. While Tepper accumulated, Amazon insiders unloaded, including CEO Jeff Bezos who disposed of 1,033,597 shares on May 1 and another 220,200 shares on May 4 at $275.