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Billionaire David Tepper’s Appaloosa hedge fund reduced its stakes in Alphabet and Amazon by 7.4% and 7.5% respectively during Q3 2025, going against the prevailing positive sentiment from analysts, where over 85% rated both stocks as a “buy” or “strong buy.” In contrast, Tepper significantly increased his position in Qualcomm by 255.7% in the same quarter.
Qualcomm, recognized for its Snapdragon chips, is enhancing its focus on edge AI technology, while also preparing to compete in the AI accelerator market, with plans to launch AI200 and AI250 chips in 2026 and 2027, respectively. Analysts have mixed views on Qualcomm, with 16 of 36 rating it as a “buy” or “strong buy.”
Despite trimming his positions in Alphabet and Amazon, Tepper still maintains substantial holdings in both, with Amazon as his second-largest holding and Alphabet as the fifth-largest. His bullish move on Qualcomm raises questions about whether he has insights that analysts might have missed.
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