David Tepper Trims Nvidia and AMD, Doubles Down on Amazon

A 13F filing reveals that billionaire investor David Tepper's Appaloosa Management made significant portfolio adjustments during the quarter ended March 31, 2026. The fund trimmed its NVIDIA (NASDAQ:NVDA) holdings by about 13% and AMD (NASDAQ:AMD) by about 32%, while nearly doubling its stake in Amazon (NASDAQ:AMZN) by adding approximately 2.14 million shares, an increase of roughly 98%.

Details

According to the filing submitted on May 15, 2026, Tepper reduced his Nvidia position by 13% and AMD by 32%, signaling a shift in focus toward Amazon. The moves come amid volatility in AI stocks, with Tepper seemingly favoring the e-commerce and cloud computing giant.

Context

The portfolio adjustment follows strong performance in AI stocks, with Nvidia and AMD surging in recent years. However, Tepper appears to see greater opportunity in Amazon, which is investing heavily in AI through its AWS cloud services and e-commerce applications.

What It Means for Investors

Tepper's moves reflect a diversification strategy within the AI sector, reducing exposure to chip stocks and doubling down on a company with broader AI applications. Investors may view this as a long-term vote of confidence in Amazon, though filings reflect past positions and may change.