In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), David Tepper's Appaloosa reported 38 stock positions worth $6.9 billion . Its top holding was Alibaba Group Holding-SP ADR (BABA) at 11.0% of the portfolio, followed by Alphabet Class C (GOOG, 8.2% ) and Amazon.com (AMZN, 7.3% ). Compared with Q3 2025, it opened 2 new positions, sold out of 9, added to 12 and reduced 24. The biggest buy was Micron Technology (MU, shares +200% ) and the biggest sale Alibaba Group Holding-SP ADR (BABA, shares −20% ).
Notable People David Tepper
Location Short Hills, NJ
CIK 0001656456
Portfolio Value $6.9B (Q4 2025) Holdings 38 stocks · $6.9B 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 Q3 2025 BABA Alibaba Group Holding-SP ADR 5,137,931 $753.1M Reduce -20.3% GOOG Alphabet Inc. Class C 1,786,931 $560.7M Add +28.8% AMZN Amazon.com Inc. 2,179,391 $503.0M Reduce -12.8% MU Micron Technology Inc. 1,500,000 $428.1M Add +200.0% META Meta Platforms Inc. Class A 600,000 $396.1M Add +62.2% TSM Taiwan Semiconductor-SP ADR 1,130,000 $343.4M Add +6.6% NVDA Nvidia Corp. 1,700,000 $317.1M Reduce -10.5% WHR Whirlpool Corp. 3,910,000 $282.1M Reduce -28.9% NRG NRG Energy Inc. 1,640,000 $261.2M Reduce -12.3% MSFT Microsoft Corp. 500,000 $241.8M Add +8.1% AAL American Airlines Group Inc. 14,150,000 $216.9M Add +53.0% PDD PDD Holdings Inc. 1,775,000 $201.3M Reduce -1.4% QCOM Qualcomm Inc. 1,145,000 $195.9M Reduce -8.0% EWY iShares MSCI South Korea ETF 1,875,000 $182.3M New KWEB Kranesh Csi China Internet 4,750,000 $161.7M Reduce -35.8% VST Vistra Corp. 945,000 $152.5M Reduce -24.1% UBER Uber Technologies Inc. 1,850,000 $151.2M Reduce -23.1% GLW Corning Inc. 1,570,200 $137.5M Reduce -3.4% DB Deutsche Bank AG-Registered 3,150,000 $121.5M Reduce -16.9% JD Jd.com Inc.-ADR 4,157,046 $119.3M Reduce -33.2% OC Owens Corning 950,000 $106.3M Add +488.2% RTX RTX Corp. 500,000 $91.7M Reduce -1.9% LHX L3HARRIS Technologies Inc. 295,000 $86.6M Reduce -1.7% BIDU Baidu Inc. - Spon ADR 575,000 $75.1M Reduce -45.0% MHK Mohawk Industries Inc. 675,000 $73.8M Add +318.0% LYFT LYFT Inc. Class A 3,800,000 $73.6M Reduce -32.1% LRCX Lam Research Corp. 425,000 $72.8M Add +14.9% AMD Advanced Micro Devices 325,000 $69.6M Reduce -65.8% ASML ASML Holding NV-NY Reg SHS 62,500 $66.9M Reduce -2.3% UNH Unitedhealth Group Inc. 200,000 $66.0M Reduce -1.7% BALL Ball Corp. 1,200,000 $63.6M New IQV Iqvia Holdings Inc. 280,000 $63.1M Reduce -1.8% UAL United Airlines Holdings Inc. 465,000 $52.0M Add +0.5% FXI iShares China Large-Cap ETF 1,087,500 $41.6M Reduce -2.0% ET Energy Transfer LP 2,191,250 $36.1M Reduce -55.8% MPLX MPLX LP 627,500 $33.5M Add +17.3% DAL Delta Air Lines Inc. 475,000 $33.0M Add +2.7% GT Goodyear Tire & Rubber Co. 2,500,000 $21.9M Reduce -51.4%
Options reported separately and not counted above: MU calls ($71.4M).
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ BABA Alibaba Group Holding-SP ADR Reduce -20.3% 10.99% −4.62 KWEB Kranesh Csi China Internet Reduce -35.8% 2.36% −1.85 WHR Whirlpool Corp. Reduce -28.9% 4.12% −1.74 FISV Fiserv Inc. Sold out 0.00% −1.62 JD Jd.com Inc.-ADR Reduce -33.2% 1.74% −1.21 VST Vistra Corp. Reduce -24.1% 2.22% −1.08 AMD Advanced Micro Devices Reduce -65.8% 1.02% −1.07 UBER Uber Technologies Inc. Reduce -23.1% 2.21% −0.99 TFC Truist Financial Corp. Sold out 0.00% −0.86 BIDU Baidu Inc. - Spon ADR Reduce -45.0% 1.10% −0.77 CZR Caesars Entertainment Inc. Sold out 0.00% −0.77 ET Energy Transfer LP Reduce -55.8% 0.53% −0.62 LYFT LYFT Inc. Class A Reduce -32.1% 1.07% −0.60 KEY Keycorp Sold out 0.00% −0.51 CFG Citizens Financial Group Sold out 0.00% −0.43 CMA Comerica Inc. Sold out 0.00% −0.43 XYZ Block Inc. Sold out 0.00% −0.36 NRG NRG Energy Inc. Reduce -12.3% 3.81% −0.29 PDD PDD Holdings Inc. Reduce -1.4% 2.94% −0.29 WAL Western Alliance Bancorp Sold out 0.00% −0.23 ZION Zions Bancorp NA Sold out 0.00% −0.22 GT Goodyear Tire & Rubber Co. Reduce -51.4% 0.32% −0.20 NVDA Nvidia Corp. Reduce -10.5% 4.63% −0.18 AMZN Amazon.com Inc. Reduce -12.8% 7.34% −0.09 DB Deutsche Bank AG-Registered Reduce -16.9% 1.77% −0.05 FXI iShares China Large-Cap ETF Reduce -2.0% 0.61% −0.01 UNH Unitedhealth Group Inc. Reduce -1.7% 0.96% +0.01 LHX L3HARRIS Technologies Inc. Reduce -1.7% 1.26% +0.02 QCOM Qualcomm Inc. Reduce -8.0% 2.86% +0.05 ASML ASML Holding NV-NY Reg SHS Reduce -2.3% 0.98% +0.14 RTX RTX Corp. Reduce -1.9% 1.34% +0.18 IQV Iqvia Holdings Inc. Reduce -1.8% 0.92% +0.19 GLW Corning Inc. Reduce -3.4% 2.01% +0.20
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ MU Micron Technology Inc. Add +200.0% 6.25% +5.11 GOOG Alphabet Inc. Class C Add +28.8% 8.18% +3.60 EWY iShares MSCI South Korea ETF New 2.66% +2.66 META Meta Platforms Inc. Class A Add +62.2% 5.78% +2.10 AAL American Airlines Group Inc. Add +53.0% 3.17% +1.76 OC Owens Corning Add +488.2% 1.55% +1.24 TSM Taiwan Semiconductor-SP ADR Add +6.6% 5.01% +1.00 BALL Ball Corp. New 0.93% +0.93 MHK Mohawk Industries Inc. Add +318.0% 1.08% +0.79 LRCX Lam Research Corp. Add +14.9% 1.06% +0.39 MSFT Microsoft Corp. Add +8.1% 3.53% +0.28 UAL United Airlines Holdings Inc. Add +0.5% 0.76% +0.15 MPLX MPLX LP Add +17.3% 0.49% +0.13 DAL Delta Air Lines Inc. Add +2.7% 0.48% +0.13
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ MU Micron Technology Inc. call New 250,000 $71.4M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings 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