In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), David Tepper's Appaloosa reported 33 stock positions worth $5.5 billion . Its top holding was Alibaba Group Holding-SP ADR (BABA) at 22.0% of the portfolio, followed by PDD (PDD, 9.3% ) and Amazon.com (AMZN, 8.6% ). Compared with Q4 2024, it opened 4 new positions, sold out of 6, added to 8 and reduced 19. The biggest buy was Uber Technologies (UBER, shares +113% ) and the biggest sale Microsoft (MSFT, shares −47% ).
Notable People David Tepper
Location Short Hills, NJ
CIK 0001656456
Portfolio Value $5.5B (Q1 2025) Holdings 33 stocks · $5.5B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 BABA Alibaba Group Holding-SP ADR 9,230,000 $1.2B Reduce -22.1% PDD PDD Holdings Inc. 4,370,000 $517.2M Reduce -18.4% AMZN Amazon.com Inc. 2,510,000 $477.6M Reduce -3.5% JD Jd.com Inc.-ADR 8,050,000 $331.0M Reduce -23.1% META Meta Platforms Inc. Class A 550,000 $317.0M Add +12.2% GOOG Alphabet Inc. Class C 2,010,000 $314.0M Add +6.8% VST Vistra Corp. 2,300,000 $270.1M Reduce -14.8% UBER Uber Technologies Inc. 3,200,000 $233.2M Add +113.3% FXI iShares China Large-Cap ETF 5,600,000 $200.7M Reduce -15.6% NRG NRG Energy Inc. 2,050,000 $195.7M Add +12.9% MSFT Microsoft Corp. 510,000 $191.4M Reduce -47.4% KWEB Kranesh Csi China Internet 4,000,000 $139.6M Reduce -12.6% LYFT LYFT Inc. Class A 9,000,000 $106.8M Reduce -33.3% ORCL Oracle Corp. 700,000 $97.9M Reduce -50.0% ET Energy Transfer LP 4,957,235 $92.2M Add +0.9% UNH Unitedhealth Group Inc. 175,000 $91.7M Add +0.3% DB Deutsche Bank AG-Registered 3,750,000 $89.4M New GLW Corning Inc. 1,743,629 $79.8M Add +16.2% BIDU Baidu Inc. - Spon ADR 775,000 $71.3M Reduce -49.3% LHX L3HARRIS Technologies Inc. 300,000 $62.8M New CZR Caesars Entertainment Inc. 2,200,000 $55.0M No change QCOM Qualcomm Inc. 350,000 $53.8M Reduce -56.3% ASML ASML Holding NV-NY Reg SHS 70,000 $46.4M Reduce -56.3% TSM Taiwan Semiconductor-SP ADR 270,000 $44.8M Add +8.0% BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 1,900,000 $38.2M Reduce -26.2% LRCX Lam Research Corp. 500,000 $36.4M Reduce -60.0% MU Micron Technology Inc. 400,000 $34.8M Reduce -66.7% NVDA Nvidia Corp. 300,000 $32.5M Reduce -55.9% MPLX MPLX LP 578,500 $31.0M No change WYNN WYNN Resorts Ltd. 320,000 $26.7M Reduce -36.0% LVS Las Vegas Sands Corp. 590,000 $22.8M Reduce -34.4% AVGO Broadcom Inc. 130,000 $21.8M New XYZ Block Inc. 75,000 $4.1M New
Options reported separately and not counted above: SPYX puts ($2.5B), AAPL puts ($277.7M), SMH puts ($21.1M).
Other holdings (2): bonds, preferreds, convertibles and warrants · $18.8M (not counted above) Security Class Shares / Principal Value Change EXEEZ Chesapeake Energy -CW26 *W EXP 02/09/202 117,321 $12.3M Reduce -53.1% EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 65,398 $6.5M Reduce -56.4%
Total filed on the 13F, all lines: $5.6B.
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ MSFT Microsoft Corp. Reduce -47.4% 3.45% −2.91 AMD Advanced Micro Devices Sold out 0.00% −2.25 ORCL Oracle Corp. Reduce -50.0% 1.76% −1.87 FDX FedEx Corp. Sold out 0.00% −1.53 MU Micron Technology Inc. Reduce -66.7% 0.63% −0.94 QCOM Qualcomm Inc. Reduce -56.3% 0.97% −0.94 VST Vistra Corp. Reduce -14.8% 4.87% −0.92 ASML ASML Holding NV-NY Reg SHS Reduce -56.3% 0.84% −0.89 NVDA Nvidia Corp. Reduce -55.9% 0.59% −0.83 LYFT LYFT Inc. Class A Reduce -33.3% 1.93% −0.78 LRCX Lam Research Corp. Reduce -60.0% 0.66% −0.75 BIDU Baidu Inc. - Spon ADR Reduce -49.3% 1.29% −0.72 EQT Eqt Corp. Sold out 0.00% −0.57 AR Antero Resources Corp. Sold out 0.00% −0.46 EXE Expand Energy Corp. Sold out 0.00% −0.46 INTC Intel Corp. Sold out 0.00% −0.31 LVS Las Vegas Sands Corp. Reduce -34.4% 0.41% −0.31 AMZN Amazon.com Inc. Reduce -3.5% 8.61% −0.27 WYNN WYNN Resorts Ltd. Reduce -36.0% 0.48% −0.19 BEKE Ke Holdings Inc.-ADR Reduce -26.2% 0.69% −0.05 JD Jd.com Inc.-ADR Reduce -23.1% 5.97% +0.32 KWEB Kranesh Csi China Internet Reduce -12.6% 2.52% +0.44 FXI iShares China Large-Cap ETF Reduce -15.6% 3.62% +0.47 PDD PDD Holdings Inc. Reduce -18.4% 9.32% +1.24 BABA Alibaba Group Holding-SP ADR Reduce -22.1% 22.00% +6.38
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ UBER Uber Technologies Inc. Add +113.3% 4.20% +2.79 DB Deutsche Bank AG-Registered New 1.61% +1.61 META Meta Platforms Inc. Class A Add +12.2% 5.71% +1.25 LHX L3HARRIS Technologies Inc. New 1.13% +1.13 NRG NRG Energy Inc. Add +12.9% 3.53% +0.98 AVGO Broadcom Inc. New 0.39% +0.39 GLW Corning Inc. Add +16.2% 1.44% +0.33 UNH Unitedhealth Group Inc. Add +0.3% 1.65% +0.28 ET Energy Transfer LP Add +0.9% 1.66% +0.16 GOOG Alphabet Inc. Class C Add +6.8% 5.66% +0.08 XYZ Block Inc. New 0.07% +0.07 TSM Taiwan Semiconductor-SP ADR Add +8.0% 0.81% +0.04
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ SPYX SS SPDR S&P 500 Foss FL ETF put New 4,500,000 $2.5B AAPL Apple Inc. put New 1,250,000 $277.7M SMH Vaneck Semiconductor ETF put New 100,000 $21.1M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025 Security Class Change vs Q4 2024 Shares / Principal Value ▼ EXEEZ Chesapeake Energy -CW26 *W EXP 02/09/202 Reduce -53.1% 117,321 $12.3M EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 Reduce -56.4% 65,398 $6.5M
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 25 $7.5B AMZN, MU, TSM, GOOG, UBER Q1 2026 31 $5.9B AMZN, MU, GOOG, UBER, TSM Q4 2025 38 $6.9B BABA, GOOG, AMZN, MU, META Q3 2025 45 $7.4B BABA, AMZN, WHR, NVDA, GOOG Q2 2025 38 $6.4B BABA, UNH, AMZN, VST, NRG Q1 2025 33 $5.5B BABA, PDD, AMZN, JD, META Q4 2024 35 $6.4B BABA, AMZN, PDD, MSFT, VST Q3 2024 36 $6.7B BABA, PDD, AMZN, MSFT, META Q2 2024 35 $6.1B BABA, AMZN, MSFT, META, GOOG Q1 2024 36 $6.7B BABA, AMZN, MSFT, META, NVDA