Billionaire David Tepper Just Revealed His Single Largest Stock Holding. It’s Not NVIDIA

David Tepper's Appaloosa Management astir doubled its Amazon (NASDAQ:AMZN) stake successful the archetypal 4th of 2026, adding astir 2.14 cardinal shares to bring the full to astir 4.3 million, a presumption worthy astir $900 cardinal and disclosed successful a 13F filed May 15. That determination makes Amazon Tepper's azygous largest holding astatine astir 15% of the $5.93 cardinal portfolio, up from 3rd spot astatine 7% successful Q4 2025. The reflexive conjecture for a billionaire's apical artificial quality stake is NVIDIA (NASDAQ:NVDA). Tepper went a antithetic direction.

What Tepper Bought, and Why It Matters

Tepper concentrated superior into Amazon during a 4th erstwhile sentiment astir hyperscaler CapEx was deteriorating. Amazon traded astatine $208.27 connected March 31, 2026, weighed down by capitalist anxiousness astir the standard of AI infrastructure spending. Tepper utilized that drawdown to physique size. The presumption is present up much than 29% from the March 31 reference, with shares astatine $268.78 connected Aug. 12. He is ahead, but modestly, and the caller pullback shows the thesis is inactive being contested.

The contrarian awesome is sharper than the terms summation suggests. While Tepper accumulated, Amazon insiders unloaded. Jeff Bezos disposed of 1,033,597 shares connected May 1, past different 220,200 shares connected May 4 astatine $275. CEO Andy Jassy, Stores main Doug Herrington, and AWS main Matt Garman each sold into the May rally. Berkshire Hathaway, nether Greg Abel, afloat exited Amazon the aforesaid 4th Tepper doubled down.

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The Underlying Thesis

Tepper is buying the AI infrastructure rhythm done the unreality marketplace person alternatively than the spot supplier. The numbers enactment the call. AWS grew 28% twelvemonth implicit twelvemonth successful Q1 2026 to $37.59 billion, the fastest gait successful 15 quarters, with a 38% operating margin. Amazon's customized silicon business, Trainium and Graviton, crossed a $20 cardinal yearly gross tally complaint increasing triple digits. OpenAI committed to astir 2 GW of Trainium capableness starting successful 2027, and Anthropic secured up to 5 GW.