NVIDIA: Billionaires Battle Over AI Infrastructure Trade

Three of the most respected money managers in the industry - David Tepper, Dan Loeb, and George Soros - have made contrasting bets on NVIDIA (NASDAQ:NVDA). According to their Q2 13F filings, covering positions as of June 30, 2026, and filed August 14, 2026, their strategies differ significantly. This article will explore the moves each fund manager has made and what they may indicate about the future of the company.

David Tepper's Appaloosa LP increased its NVIDIA stake by 53,500 shares to a total of 1,525,000 shares. The reported share delta is modest, indicating that Tepper was willing to lean in rather than trim his position into strength. This suggests that he still wants exposure to the AI infrastructure trade and believes NVIDIA's growth will continue.

Dan Loeb's Third Point sold all 190,000 shares of NVIDIA, eliminating the position outright. This move is part of a broader reshuffle out of several 'Magnificent 7' names. Loeb has reduced his Amazon position by nearly 10% and increased his Alphabet position to 6.65% of his portfolio.

George Soros's move is often misunderstood. His fund, Soros Fund Management, opened a new put position on NVIDIA covering 400,000 notional underlying shares. However, he still holds 1,064,635 NVIDIA shares, having trimmed that stock position by only 8,571 shares. This configuration reads as elite hedging, rather than directional shorting.