By Geoffrey Seiler
Publication Date: 2026-02-23 12:00:00
Key Points
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While David Tepper reduced positions in GPU stocks in Q4, he was buying other artificial intelligence (AI) infrastructure stocks.
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Meanwhile, he added to his positions in a few hyperscalers, including Alphabet, Meta Platforms, and Microsoft.
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Billionaire investor David Tepper of Appaloosa Management was busy making moves to his portfolio in Q4. One of the more interesting themes to emerge was that Tepper trimmed his stakes in artificial intelligence (AI) chip stocks to buy shares of companies that are spending big on AI infrastructure.
During the quarter, he lowered his positions in both Nvidia (NASDAQ: NVDA) and Advanced Micro Devices (NASDAQ: AMD). He cut his Nvidia stake by more than 10%, while slashing his AMD position by two-thirds. Nvidia is still his seventh-largest position.
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Image source: Getty Images.
However, these reductions don’t look like a call that AI infrastructure spending is suddenly going to slow, as he tripled his position in memory maker Micron Technology (NASDAQ: MU), whose high-bandwidth memory (HBM) is packaged with graphic processing units (GPUs) to optimize performance. DRAM (dynamic random-access memory) is currently in a huge supercycle with high demand and short supply, and Micron is one of the best ways…
