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Appaloosa Management’s David Tepper doubled down on a number of stocks tied to the artificial intelligence boom in the last quarter, a new regulatory filing revealed. The hedge fund manager hiked his stake in Nvidia drastically, making it his biggest holding at the end of June, worth $432 million. The chipmaker has been this year’s biggest AI winner with shares rallying nearly 200% on the back of its blowout forecast of future demand. The rally has pushed Nvidia’s market value into the rarefied world of companies above $1 trillion dollars. Appaloosa’s top holdings also included big tech names Meta , Microsoft , Amazon and Alphabet , which have all recently highlighted their AI capabilities. Alphabet’s Google unit recently announced it will bring AI features to its signature search engine. Microsoft has announced a multiyear, multibillion-dollar investment in ChatGPT maker OpenAI. And Meta recently unveiled its own AI computer chips . The 65-year old Tepper also bought into a number of semiconductor companies that manufacture advanced chips. AMD , Intel , Qualcomm , Marvell, Broadcom and Taiwan Semiconductor all appeared in his portfolio last quarter. Tepper remains one of the most successful and richest hedge fund managers in the world, known for his skillful maneuvers through market crises. The billionaire investor closed his fund to new investors soon after it scored hefty returns and he rose to fame. Tepper said in 2019 that he planned to convert Appaloosa into a family office.
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