Tepper Increases Amazon Stake by 15.8%
David Tepper’s hedge fund, Appaloosa Management, raised its position in Amazon by approximately 680,000 shares, or 15.8%, during Q2 2023, as reported in its latest 13-F filing with the SEC. This brings Amazon’s share to 16% of Appaloosa’s nearly $7.5 billion portfolio. The increase comes amid a positive reaction to Amazon Web Services (AWS), which reported a 37% revenue growth, outpacing forecasts.
In the same quarter, Appaloosa significantly reduced its stake in Micron by 41.4% and exited its position in Sandisk entirely. The fund also increased investments in Alphabet and Meta Platforms by 6.7% and 54.6%, respectively. Tepper’s strategy appears to pivot from AI-related stocks to major tech players, firmly backing Amazon as a key investment amid ongoing AI growth trends.
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