Appaloosa LP
David Tepper · Miami Beach, FL · Founded 1993
Appaloosa is a Miami Beach-based hedge fund founded in 1993 by David Tepper, one of the most successful distressed and event-driven investors of his generation. The firm is known for bold, concentrated, macro-aware bets — leaning heavily into distressed credit and beaten-down equities at moments of maximum pessimism, as it did coming out of the 2009 and 2020 crises.
Tepper converted Appaloosa toward a family-office structure while continuing to file 13Fs. The book is concentrated and turns over meaningfully as his macro view shifts; Tepper also owns the NFL's Carolina Panthers.
History
David Tepper launches the firm with a focus on distressed debt and special situations.
Large bets on beaten-down bank securities during the financial crisis produce one of the era's best hedge-fund years.
Tepper acquires the NFL franchise and shifts Appaloosa toward a family-office structure.
2026 Q2 holdings
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | AMZNAmazon.com, Inc.★ | COM | $1.19B | 5.0M | 15.4% | ADD |
| 2 | MUMicron Technology, Inc.★ | COM | $1.13B | 975K | 14.6% | TRIM |
| 3 | TSMTaiwan Semiconductor Manufacturing Company Limited★ | SPONSORED ADS | $788.0M | 1.6M | 10.2% | ADD |
| 4 | GOOGLAlphabet Inc.★ | CAP STK CL C | $653.7M | 1.9M | 8.5% | ADD |
| 5 | UBERUber Technologies, Inc.★ | COM | $555.2M | 7.7M | 7.2% | ADD |
| 6 | Ishares Inc | MSCI STH KOR ETF | $489.6M | 2.4M | 6.3% | ADD |
| 7 | METAMeta Platforms, Inc.★ | CL A | $380.2M | 675K | 4.9% | ADD |
| 8 | VSTVistra Corp.★ | COM | $351.4M | 2.2M | 4.5% | ADD |
| 9 | NVDANVIDIA Corporation★ | COM | $305.1M | 1.5M | 3.9% | ADD |
| 10 | Nrg Energy Inc | COM NEW | $257.1M | 1.8M | 3.3% | ADD |
| 11 | AAPLApple Inc.★ | Put | $241.6M | 835K | 3.1% | NEW |
| 12 | BABAAlibaba Group Holding Limited★ | SPONSORED ADS | $192.0M | 2.0M | 2.5% | TRIM |
| 13 | Boeing Co | COM | $173.2M | 800K | 2.2% | NEW |
| 14 | Lam Research Corp | COM NEW | $165.7M | 382K | 2.1% | HOLD |
| 15 | BIDUBaidu, Inc.★ | SPON ADR REP A | $148.0M | 1.3M | 1.9% | ADD |
| 16 | American Airlines Group Inc | COM | $135.5M | 7.5M | 1.8% | NEW |
| 17 | AMDAdvanced Micro Devices, Inc.★ | COM | $114.7M | 198K | 1.5% | TRIM |
| 18 | CRWVCoreWeave, Inc.★ | COM CL A | $107.3M | 1.1M | 1.4% | NEW |
| 19 | Asml Hldg Nv | N Y REGISTRY SHS | $99.5M | 50K | 1.3% | ADD |
| 20 | AVGOBroadcom Inc.★ | COM | $56.7M | 150K | 0.7% | NEW |
| 21 | QCOMQUALCOMM Incorporated★ | COM | $46.2M | 250K | 0.6% | TRIM |
| 22 | SPCXSpaceX★ | CLASS A COM STK | $38.4M | 225K | 0.5% | NEW |
| 23 | Energy Transfer L P | COM UT LTD PTN | $30.1M | 1.6M | 0.4% | HOLD |
| 24 | Mplx Lp | COM UNIT REP LTD | $28.3M | 502K | 0.4% | HOLD |
| 25 | Whirlpool Corp | COM | $28.2M | 715K | 0.4% | TRIM |
| 26 | BRK-BBerkshire Hathaway Inc. Class B★ | Put | $12.5M | 25K | 0.2% | NEW |
| 27 | Goodyear Tire & Rubr Co | COM | $10.0M | 1.5M | 0.1% | NEW |
Notable 2026 Q2 moves
New positions
- AAPL Apple Inc. $241.6M
- Boeing Co $173.2M
- American Airlines Group Inc $135.5M
- CRWV CoreWeave, Inc. $107.3M
- AVGO Broadcom Inc. $56.7M
- SPCX SpaceX $38.4M
- BRK-B Berkshire Hathaway Inc. Class B $12.5M
- Goodyear Tire & Rubr Co $10.0M
Exited
- SNDK Sandisk Corporation was $178.7M
- GLW Corning Incorporated was $153.6M
- Pdd Holdings Inc was $92.0M
- L3HARRIS Technologies Inc was $68.3M
- Rtx Corporation was $66.0M
- Ball Corp was $49.5M
- JD.COM Inc was $38.6M
- Lyft Inc was $35.9M
- MSFT Microsoft Corporation was $33.3M
- Kraneshares Trust was $30.7M
- UNH UnitedHealth Group Incorporated was $24.4M
- Deutsche Bk Ag was $7.7M
Position history in tracked names
Quarter-end value of each holding that has a page on R40, most recent first.
| Stock | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 |
|---|---|---|---|---|
| AMZNAmazon Com Inc | $1.19B | $899.7M | $503.0M | $548.9M |
| MUMicron Technology Inc | $1.13B | $562.5M | $428.1M | $83.7M |
| TSMTaiwan Semiconductor Manufac | $788.0M | $448.6M | $343.4M | $296.0M |
| GOOGLAlphabet Inc | $653.7M | $497.0M | $560.7M | $337.9M |
| UBERUber Technologies Inc | $555.2M | $455.5M | $151.2M | $235.8M |
| METAMeta Platforms Inc | $380.2M | $249.7M | $396.1M | $271.7M |
| VSTVistra Corp | $351.4M | $304.0M | $152.5M | $243.9M |
| NVDANvidia Corporation | $305.1M | $256.6M | $317.1M | $354.5M |
| BABAAlibaba Group Hldg Ltd | $192.0M | $434.7M | $753.1M | $1.15B |
| BIDUBaidu Inc | $148.0M | $77.1M | $75.1M | $137.7M |
| AMDAdvanced Micro Devices Inc | $114.7M | $45.0M | $69.6M | $153.7M |
| CRWVCoreweave Inc | $107.3M | — | — | — |
| AVGOBroadcom Inc | $56.7M | — | — | — |
| QCOMQualcomm Inc | $46.2M | $64.2M | $195.9M | $207.1M |
| SPCXSpace Exploration Techn Corp | $38.4M | — | — | — |
| SNDKSandisk Corp | — | $178.7M | — | — |
| GLWCorning Inc | — | $153.6M | $137.5M | $133.3M |
| MSFTMicrosoft Corp | — | $33.3M | $241.8M | $239.6M |
| XYZBlock Inc | — | — | — | $26.7M |
| UNHUnitedhealth Group Inc | — | $24.4M | $66.0M | $70.3M |
Excludes 3 option positions — a put or call is a claim on shares, not a share position. They are listed in the holdings table with their Put/Call class.