In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), David Tepper's Appaloosa reported 38 stock positions worth $6.4 billion . Its top holding was Alibaba Group Holding-SP ADR (BABA) at 12.4% of the portfolio, followed by Unitedhealth (UNH, 11.9% ) and Amazon.com (AMZN, 9.2% ). Compared with Q1 2025, it opened 8 new positions, sold out of 3, added to 9 and reduced 16. The biggest buy was Unitedhealth (UNH, shares +1300% ) and the biggest sale Alibaba Group Holding-SP ADR (BABA, shares −23% ).
Notable People David Tepper
Location Short Hills, NJ
CIK 0001656456
Portfolio Value $6.4B (Q2 2025) Holdings 38 stocks · $6.4B 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 Q1 2025 BABA Alibaba Group Holding-SP ADR 7,067,271 $801.5M Reduce -23.4% UNH Unitedhealth Group Inc. 2,450,000 $764.3M Add +1300.0% AMZN Amazon.com Inc. 2,700,000 $592.4M Add +7.6% VST Vistra Corp. 1,800,000 $348.9M Reduce -21.7% NRG NRG Energy Inc. 1,980,000 $317.9M Reduce -3.4% META Meta Platforms Inc. Class A 400,000 $295.2M Reduce -27.3% NVDA Nvidia Corp. 1,750,000 $276.5M Add +483.3% GOOG Alphabet Inc. Class C 1,500,000 $266.1M Reduce -25.4% UBER Uber Technologies Inc. 2,750,000 $256.6M Reduce -14.1% MSFT Microsoft Corp. 500,000 $248.7M Reduce -2.0% TSM Taiwan Semiconductor-SP ADR 1,025,000 $232.2M Add +279.6% JD Jd.com Inc.-ADR 7,000,000 $228.5M Reduce -13.0% PDD PDD Holdings Inc. 2,000,000 $209.3M Reduce -54.2% INTC Intel Corp. 8,000,000 $179.2M New KWEB Kranesh Csi China Internet 4,000,000 $137.3M No change LYFT LYFT Inc. Class A 8,000,000 $126.1M Reduce -11.1% DB Deutsche Bank AG-Registered 4,000,000 $117.1M Add +6.7% MU Micron Technology Inc. 825,000 $101.7M Add +106.3% GLW Corning Inc. 1,750,000 $92.0M Add +0.4% ET Energy Transfer LP 4,957,235 $89.9M No change LHX L3HARRIS Technologies Inc. 350,000 $87.8M Add +16.7% RTX RTX Corp. 585,000 $85.4M New CZR Caesars Entertainment Inc. 2,100,000 $59.6M Reduce -4.5% ASML ASML Holding NV-NY Reg SHS 70,000 $56.1M No change QCOM Qualcomm Inc. 350,000 $55.7M No change BIDU Baidu Inc. - Spon ADR 625,000 $53.6M Reduce -19.4% IQV Iqvia Holdings Inc. 300,000 $47.3M New UAL United Airlines Holdings Inc. 550,000 $43.8M New XYZ Block Inc. 641,800 $43.6M Add +755.7% LRCX Lam Research Corp. 400,000 $38.9M Reduce -20.0% FXI iShares China Large-Cap ETF 1,000,000 $36.8M Reduce -82.1% ORCL Oracle Corp. 150,000 $32.8M Reduce -78.6% MPLX MPLX LP 578,500 $29.8M No change DAL Delta Air Lines Inc. 550,000 $27.0M New WHR Whirlpool Corp. 266,092 $27.0M New BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 1,500,000 $26.6M Reduce -21.1% GT Goodyear Tire & Rubber Co. 861,782 $8.9M New MHK Mohawk Industries Inc. 65,000 $6.8M New
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ BABA Alibaba Group Holding-SP ADR Reduce -23.4% 12.43% −9.57 PDD PDD Holdings Inc. Reduce -54.2% 3.25% −6.08 FXI iShares China Large-Cap ETF Reduce -82.1% 0.57% −3.05 JD Jd.com Inc.-ADR Reduce -13.0% 3.54% −2.42 GOOG Alphabet Inc. Class C Reduce -25.4% 4.13% −1.53 ORCL Oracle Corp. Reduce -78.6% 0.51% −1.26 META Meta Platforms Inc. Class A Reduce -27.3% 4.58% −1.14 WYNN WYNN Resorts Ltd. Sold out 0.00% −0.48 BIDU Baidu Inc. - Spon ADR Reduce -19.4% 0.83% −0.45 LVS Las Vegas Sands Corp. Sold out 0.00% −0.41 AVGO Broadcom Inc. Sold out 0.00% −0.39 BEKE Ke Holdings Inc.-ADR Reduce -21.1% 0.41% −0.28 UBER Uber Technologies Inc. Reduce -14.1% 3.98% −0.22 CZR Caesars Entertainment Inc. Reduce -4.5% 0.92% −0.07 LRCX Lam Research Corp. Reduce -20.0% 0.60% −0.05 LYFT LYFT Inc. Class A Reduce -11.1% 1.96% +0.03 MSFT Microsoft Corp. Reduce -2.0% 3.86% +0.41 VST Vistra Corp. Reduce -21.7% 5.41% +0.54 NRG NRG Energy Inc. Reduce -3.4% 4.93% +1.40
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ UNH Unitedhealth Group Inc. Add +1300.0% 11.85% +10.20 NVDA Nvidia Corp. Add +483.3% 4.29% +3.70 TSM Taiwan Semiconductor-SP ADR Add +279.6% 3.60% +2.79 INTC Intel Corp. New 2.78% +2.78 RTX RTX Corp. New 1.32% +1.32 MU Micron Technology Inc. Add +106.3% 1.58% +0.95 IQV Iqvia Holdings Inc. New 0.73% +0.73 UAL United Airlines Holdings Inc. New 0.68% +0.68 XYZ Block Inc. Add +755.7% 0.68% +0.60 AMZN Amazon.com Inc. Add +7.6% 9.19% +0.58 DAL Delta Air Lines Inc. New 0.42% +0.42 WHR Whirlpool Corp. New 0.42% +0.42 LHX L3HARRIS Technologies Inc. Add +16.7% 1.36% +0.23 DB Deutsche Bank AG-Registered Add +6.7% 1.82% +0.21 GT Goodyear Tire & Rubber Co. New 0.14% +0.14 MHK Mohawk Industries Inc. New 0.11% +0.11 GLW Corning Inc. Add +0.4% 1.43% −0.01
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ SPYX SS SPDR S&P 500 Foss FL ETF put Sold out 4,500,000 $2.5Bbefore exit AAPL Apple Inc. put Sold out 1,250,000 $277.7Mbefore exit SMH Vaneck Semiconductor ETF put Sold out 100,000 $21.1Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025 Security Class Change vs Q1 2025 Shares / Principal Value ▼ EXEEZ Chesapeake Energy -CW26 *W EXP 02/09/202 Sold out 117,321 $12.3Mbefore exit EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 Sold out 65,398 $6.5Mbefore exit
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