David Tepper filed a 13F disclosing that Appaloosa Management holds $3.08 billion across Amazon, Micron Technology, and Taiwan Semiconductor Manufacturing — 40% of the fund's $7.7 billion in reportable equity. The position sizes are Amazon $1.18 billion, Micron $1.01 billion, and Taiwan Semi $890 million. The concentration is the highest for a Tepper portfolio since 2018, when he ran 38% in financials during the post-tax-reform rally.
Appaloosa built the Micron and Taiwan Semi stakes across Q3 and Q4 2024, mostly at prices below current levels. Micron entered at an average around $98; it closed Friday at $104.60. Taiwan Semi averaged $182; it closed at $193.15. Amazon was held through the year and trimmed modestly in Q4 after the run past $225. Together, the three names represent the enabling layer of AI compute: cloud orchestration, memory bandwidth, and foundry logic at the 3nm node. Tepper is not betting on model builders. He is betting on the infrastructure landlords who get paid regardless of which frontier lab wins.
The weighting matters because Tepper runs a hedge book. His disclosed longs are $7.7 billion; his gross is higher, his net is lower. When he takes 40% of the long side and puts it into three correlated infrastructure names, he is expressing a view on capex durability, not just valuation. Micron's high-bandwidth memory is designed into Nvidia's H100 and H200 modules, shipping now. Taiwan Semi manufactures the Apple M-series, Nvidia's Blackwell dies, and AMD's MI300 chiplets. Amazon Web Services is the distribution point for Anthropic's Claude, has $100 billion in run-rate compute revenue, and is building its own Trainium silicon. All three names have locked multi-year supply agreements; all three report capex visibility into 2026. Tepper is underwriting replacement cycles, not sentiment.
Allocators should watch Micron's February earnings call for high-bandwidth memory shipment guidance and Taiwan Semi's April call for CoWoS packaging capacity adds. Amazon reports Q1 results in late April; the AWS margin and capex guidance will clarify the build-out pace. If Tepper adds in Q1 2025, it will show in the May 13F and confirm he is running this as a multi-quarter trade, not a post-election momentum chase. If he trims, it means the thesis has repriced and he is taking the basis out before margin pressure arrives. The filing covers holdings as of December 31; any January rotation is not yet visible.
Three names, $3.08 billion, 40% of disclosed equity. The concentration is the opinion.
The takeaway
Tepper put $3.08B into the three enabling-layer names for AI compute, the highest concentration in his book since 2018.
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