David Tepper Adds Space Exploration Technologies and CoreWeave to Appaloosa Management Portfolio
Billionaire David Tepper, the founder and president of Appaloosa Management, has increased his investment in artificial intelligence and space technology during the second quarter. The administration announced that the fund added Space Exploration Technologies and CoreWeave to its portfolio, while simultaneously reducing its stake in Micron Technology. Appaloosa Management also sold its entire stake in SanDisk Corp. The fund's portfolio includes significant positions in Amazon, Alphabet, and Taiwan Semiconductor Manufacturing. While Micron Technology remains a larger share of the fund's investment portfolio value than Taiwan Semiconductor Manufacturing, the fund sold more than 40% of its Micron stake to manage risk after the stock's recent rally. Space Exploration Technologies reported a revenue growth of 92% year over year in the second quarter. CoreWeave reported a revenue jump of 112.5% year over year. Both companies are currently making significant investments in AI-related ambitions. David Tepper and his team are doubling down on AI. The fund's portfolio features several industry leaders, including Amazon, Micron Technology, Taiwan Semiconductor Manufacturing, and Alphabet, which account for roughly 50% of the portfolio.
Sources
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Billionaire David Tepper Just Bought These 2 Artificial Intelligence (AI) Stocks That Wall Street Thinks Could Soar by 50% or More
Yahoo Finance
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One Huge Fund Just Bought Taiwan Semiconductor Manufacturing and Dumped Micron Stock. Which Stock Is the Superior Choice?
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Billionaire David Tepper Exited SanDisk During Its Historic Rally– The Stock Has Since Fallen Over 30%
Benzinga