By Anita Hamilton
Hedge fund giant Appaloosa, owned by billionaire David Tepper, reshuffled its tech holdings in the last quarter of 2025, bumping up its stakes in Micron and Alphabet, while trimming holdings of AMD, Alibaba, and Uber.
Its stock portfolio, valued at around $7 billion according to a Tuesday filing with the Securities and Exchange Commission, also took a new $182 million stake in BlackRock's tech-heavy iShares MSCI South Korea ETF, whose largest holdings include Samsung Electronics and chip maker SK Hynix.
Appaloosa's single largest increase in holdings by dollar value was for chip maker Micron. It acquired 1 million new shares, for a total of 1.5 million valued at $428 million at the end of 2025. It also bumped up its Alphabet holdings to around 1.8 million shares, valued at around $560 million for the same period.
Meanwhile it scaled back its stake in Chinese e-commerce firm Alibaba by nearly $400 million, leaving it with around 5.1 million shares valued at $753 million. It unloaded 547,983 shares of Uber, leaving it with around 1.9 million shares valued at $151 million. The investment fund also trimmed its holdings of AMD by about 625,000 shares, leaving it with 325,000 shares valued at around $70 million as of Dec. 31.
Among its biggest increases, Appaloosa bumped up its stake in American Airlines to just over 14 million shares, from 9.25 million in the third quarter, for a value of $217 million at the end of 2025. It also increased its holdings of manufacturing firm Owens Corning to 950,000 shares, up from 161,500, for a reported value of $106 million for the same period.
Meanwhile it unloaded all 2.1 million shares of Caesars Entertainment, which were valued at around $57 million when Appaloosa last reported its holdings in the third quarter. It also eliminated positions in financial stocks KeyCorp, Truist, Western Alliance, and Zions, along with fintech Block.
Tepper became a legend in the hedge fund world during the 2008-09 financial crisis when his bets on distressed debt paid off as the market rebounded. His firm transitioned from being a traditional hedge fund to more of a family office in 2019. Tepper also owns some sports teams, including the NFL's Carolina Panthers and the Charlotte FC Major League Soccer team.
Write to Anita Hamilton at anita.hamilton@barrons.com
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February 18, 2026 14:20 ET (19:20 GMT)
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