Tepper Bets Big on AI Infrastructure with Top Five Holdings Revealed

Billionaire David Tepper's investment firm Appaloosa LP has revealed its Q2 2026 13F filing, showing a concentrated bet on AI infrastructure economics. The top five holdings in Tepper's portfolio are Amazon (NASDAQ:AMZN), Micron Technology (NASDAQ:MU), NVIDIA (NASDAQ:NVDA), Meta Platforms (NASDAQ:META), and Alphabet (NASDAQ:GOOG).

Amazon remains the top holding at 15.42% of the portfolio, with a value of approximately $1.19 billion across 5 million shares. Tepper trimmed his Micron stake by 41%, but still holds it at 14.57% of the book.

The common thread among these holdings is AI infrastructure monetization. Amazon's Q2 earnings report showed AWS revenue reaching $42.2 billion, with a $496 billion backlog and operating margin of 39%. Alphabet's Google Cloud grew 82% year over year to $24.8 billion, while NVIDIA's Data Center segment reached $75 billion, up 92%, with Q2 revenue guided to $91 billion.

Tepper exited Microsoft entirely and added $157 million to Alphabet and $130 million to Meta. The hyperscalers (AMZN, GOOG, META) are the demand side, NVIDIA is the pick-and-shovel, and Micron is the memory bottleneck.