Billionaire David Tepper Doubles Down on Amazon and Uber – Dumps Airline Stocks

TLDR

• Appaloosa’s portfolio shrank by nearly $1 billion in Q1 2026, falling to just under $6 billion.
• Amazon is now the fund’s largest holding after Tepper added 2.1 million shares, worth $900 million total.
• Alibaba holdings were cut from 5.1 billion to 3.5 million shares, a drop of $318 million in value.
• Appaloosa fully exited American, Delta, and United Airlines amid rising fuel costs.
• New positions include Sandisk and an expanded stake in Uber, now worth $455 million.

Billionaire hedge fund manager David Tepper trimmed his Appaloosa portfolio by nearly $1 billion in the first quarter of 2026, reducing total holdings to just under $6 billion. The moves were revealed in the fund’s latest 13-F filing with the Securities and Exchange Commission.

The biggest winner in the reshuffle was Amazon. Tepper added 2.1 million shares, pushing the total value of that position to around $900 million. Amazon now makes up roughly 15% of the portfolio and is Appaloosa’s largest single holding.

Amazon.com, Inc., AMZN

Uber also saw a major boost. Appaloosa added 4.5 million more shares, more than tripling its stake. The fund’s total Uber position is now valued at $455 million, making it one of the top five holdings.

Tech Cuts and New Bets

On the selling side, Alibaba took the biggest hit. Appaloosa slashed its position from 5.1 billion shares down to just 3.5 million, a reduction worth around $318 million. Microsoft also saw cuts, with the fund selling 410,000 shares and keeping only 90,000, valued at $33 million.

New bets were placed elsewhere in tech. Appaloosa opened a fresh position in flash memory maker Sandisk, buying 281,250 shares worth around $179 million. The fund also added to its holdings in Micron and Taiwan Semiconductor.

Alphabet remains a top holding at around 8% of the portfolio. Micron sits at 9% and Taiwan Semiconductor at 8%.

Airlines Cleared Out

Appaloosa exited all three of its airline positions in Q1. American, Delta, and United were all sold. The American position alone was 14.1 million shares valued at about $217 million at the end of 2025.

The sales came as higher fuel costs pressured airline margins, linked to the ongoing Iran war.

At the end of Q4 2025, American had been Appaloosa’s largest airline holding. By March 31, 2026, the fund held no airline stocks at all.

The shift shows a clear move away from travel and toward tech and consumer-facing platforms.

Tepper’s Q1 moves reflect a tighter, more concentrated book, with fewer positions and larger bets on Amazon, Micron, Uber, and Taiwan Semiconductor.

The 13-F filing covers holdings as of March 31, 2026, and was filed publicly with the SEC.

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