tech
David Tepper’s Appaloosa Sells AI Memory Stocks While Loading Up on Magnificent Seven in the Second Quarter
The hedge fund bet big on megacap technology stocks in the second quarter, while selling off former high-flying memory chip manufacturers.
TL;DR
- Appaloosa Management boosted its holdings in Amazon, Meta Platforms, and Alphabet in the second quarter.
- A new position in Apple was established by Tepper's fund, valued at over $241 million.
- Tepper significantly reduced his stake in Micron Technology and sold off his position in Sandisk.
- The hedge fund appeared to anticipate a decline in memory chip stocks, including Micron, which experienced a significant quarterly gain followed by a pullback.
- Appaloosa reportedly increased its investment in memory stocks after the second quarter ended, following a sector slump.
- New positions were also created in Boeing and American Airlines, while stakes in Corning, L3Harris, and RTX were sold.