AHNIM STUDIO · Guru · Institutional 13F · Q2 2026
Appaloosa’s Micron position illustrates why market-value changes are not purchase records: reported Micron value rises, but shares fall from 1,665,000 to 975,000, a 41.44% reduction. Amazon and TSMC shares increase. Apple and Berkshire rows are puts, so neither is counted as a new long common-stock holding.
Research cut-off: October 17, 2026 (Korea). Holdings dates: March 31 and June 30, 2026. Q2 filing date: 2026-08-14. Values are USD as filed; tables display USD millions rounded to three decimals, while calculations retain whole-dollar values. No Q3 report for this manager was found in the filing-history check. The official Q3 deadline is November 16, 2026; that deadline is not a filed portfolio.
The manager and the reporting perimeter
David Tepper founded Appaloosa in 1993. The legal reporting entity used here is Appaloosa LP, CIK 1656456. We analyze that entity’s disclosed securities, not a personal account or every asset affiliated with Tepper.
The Q2 cover totals $7.725 billion across 27 information-table rows. That figure includes stock, an ETF and option-underlying values. It is not a clean long-stock denominator. Our operating-company equity measure is $6.982 billion, with the ETF and puts shown separately. This scope keeps a hedge or other options position from being described as an ordinary stock purchase.
| Measure | Q1 2026 | Q2 2026 |
|---|---|---|
| All reported line values* | $5,933.478m | $7,725.383m |
| Common operating equity | $5,607.550m | $6,981.650m |
| Original filing rows | 31 | 27 |
| Operating companies | 29 | 24 |
| Top 10 companies / equity value | 77.79% | 83.07% |
*The all-line total may include option-underlying values and other instruments. It is neither option premiums nor total assets/AUM, and its change is not investment performance.
What changed in the disclosed positions
Micron remains the second-largest operating-equity position by reported value despite the lower share count. Amazon rises from 4,320,000 to 5,000,000 shares, and TSMC ADRs from 1,327,500 to 1,650,000. Meta, Uber, Alphabet Class C and Baidu also increase. AMD, Alibaba, Qualcomm and Whirlpool show reductions. These are quarter-end net differences; gross purchases and sales during the quarter can be larger or follow a different path.
The Apple put covers 835,000 underlying shares and carries $241.616 million of underlying-share value. Berkshire Class B puts cover 25,000 shares with $12.510 million underlying value. The cover note explains the underlying-share basis, although its wording contains an option-type typo. The information-table put/call fields classify both rows as puts. Their combined $254.125 million is not cash paid for option premiums and is not added to the long-equity sector or common-holding count.
Boeing, American Airlines, CoreWeave, Broadcom, Space Exploration Technologies and Goodyear are first reported stock rows in this comparison. Sandisk, Corning, PDD, L3Harris, RTX and several other names are no longer reported. The South Korea ETF remains a separate fund exposure; we do not turn it into individual Korean-company ownership or add its holdings to the company overlap table.
Largest disclosed common-equity positions
| Security / share class | Q2 shares | USD value | Equity weight |
|---|---|---|---|
| Amazon Com Inc (AMZN) · COM | 5,000,000 | $1,191.700m | 17.07% |
| Micron Technology Inc (MU) · COM | 975,000 | $1,125.433m | 16.12% |
| Taiwan Semiconductor Manufac (TSM) · SPONSORED ADS | 1,650,000 | $787.990m | 11.29% |
| Alphabet Inc (GOOG) · CAP STK CL C | 1,850,000 | $653.660m | 9.36% |
| Uber Technologies Inc (UBER) · COM | 7,694,071 | $555.204m | 7.95% |
| Meta Platforms Inc (META) · CL A | 675,000 | $380.221m | 5.45% |
| Vistra Corp (VST) · COM | 2,215,272 | $351.409m | 5.03% |
| Nvidia Corporation (NVDA) · COM | 1,525,000 | $305.137m | 4.37% |
| Nrg Energy Inc (NRG) · COM NEW | 1,760,000 | $257.066m | 3.68% |
| Alibaba Group Hldg Ltd (BABA) · SPONSORED ADS | 2,000,000 | $191.960m | 2.75% |
The table ranks security classes; the chart combines common classes belonging to the same issuer. Top-ten-company concentration uses the chart’s issuer basis. The denominator includes reported common/ordinary shares, ADRs, REITs and operating-partnership equity, and excludes options, funds, commodity trusts, preferred depositary shares, warrants and principal-unit instruments.
Share-count changes: additions, reductions and missing rows
| Security | Observed change | Q1 → Q2 shares, split-adjusted | Shares QoQ | Weight change |
|---|---|---|---|---|
| Boeing Co · COM | First reported | 0 → 800,000 | New | +2.48 pp |
| American Airlines Group Inc · COM | First reported | 0 → 7,500,000 | New | +1.94 pp |
| Coreweave Inc · COM CL A | First reported | 0 → 1,078,248 | New | +1.54 pp |
| Broadcom Inc · COM | First reported | 0 → 150,000 | New | +0.81 pp |
| Amazon Com Inc (AMZN) · COM | Increased | 4,320,000 → 5,000,000 | +15.74% | +1.02 pp |
| Taiwan Semiconductor Manufac (TSM) · SPONSORED ADS | Increased | 1,327,500 → 1,650,000 | +24.29% | +3.29 pp |
| Alphabet Inc (GOOG) · CAP STK CL C | Increased | 1,732,700 → 1,850,000 | +6.77% | +0.50 pp |
| Uber Technologies Inc (UBER) · COM | Increased | 6,332,720 → 7,694,071 | +21.50% | -0.17 pp |
| Micron Technology Inc (MU) · COM | Reduced | 1,665,000 → 975,000 | -41.44% | +6.09 pp |
| Alibaba Group Hldg Ltd (BABA) · SPONSORED ADS | Reduced | 3,465,000 → 2,000,000 | -42.28% | -5.00 pp |
| Advanced Micro Devices Inc (AMD) · COM | Reduced | 221,400 → 197,500 | -10.79% | +0.84 pp |
| Qualcomm Inc · COM | Reduced | 498,613 → 250,000 | -49.86% | -0.48 pp |
| Sandisk Corp · COM | No longer reported | 281,250 → 0 | -100.00% | -3.19 pp |
| Corning Inc · COM | No longer reported | 1,129,500 → 0 | -100.00% | -2.74 pp |
| Pdd Holdings Inc · SPONSORED ADS | No longer reported | 900,000 → 0 | -100.00% | -1.64 pp |
| L3Harris Technologies Inc · COM | No longer reported | 198,000 → 0 | -100.00% | -1.22 pp |
Rows shown are the largest within each change group by Q2 value, or Q1 value for missing rows. Changes compare matching CUSIP, share class and unit. No split factor is guessed. Corporate actions and reporting-scope issues identified in this report are discussed above; “first reported” is not proof of a discretionary purchase, and “no longer reported” is not proof of a complete economic exit. We do not estimate trade dates, cost basis or gross buying amounts from these differences.
Industry mix: a sourced, partial classification
| SEC SIC industry | Q1 weight | Q2 weight |
|---|---|---|
| SIC 3674 — SEMICONDUCTORS & RELATED DEVICES | 23.41% | 33.42% |
| SIC 5961 — RETAIL-CATALOG & MAIL-ORDER HOUSES | 16.04% | 17.07% |
| SIC 7370 — SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. | 13.32% | 14.81% |
| Unclassified / mapping pending | 19.65% | 13.86% |
| SIC 7389 — SERVICES-BUSINESS SERVICES, NEC | 15.88% | 10.70% |
| SIC 4911 — ELECTRIC SERVICES | 9.94% | 8.72% |
Industries use SEC SIC codes in issuer submission profiles retrieved October 17, with labels from the official SEC SIC dictionary, applied consistently to both quarters; these are not GICS sectors or historical classifications. Mapped Q2 value is 86.14%; the remaining 13.86% is explicitly unclassified. Additional categories outside this six-row view total 1.42% in Q2. The retained data include every industry bucket and issuer source.
What the filing suggests—and what it cannot establish
AHNIM interpretation: the quarter combines greater reported exposure to several AI and platform businesses with selective reductions, so a blanket “bought the AI rally” description loses information. The Micron example is especially useful: a rising marked value and a falling share count can coexist. The ten largest operating companies account for 83.07% of our stated equity denominator, leaving considerable single-name concentration even after the non-stock rows are removed.
The next filing should be checked for Micron’s share count, persistence of the new stock positions, and whether the puts remain outstanding. Option strikes, expirations and premiums are not supplied in this table, so this report does not estimate the portfolio’s net delta or downside hedge effectiveness.
Methodology and limitations
Share change (%) = (Q2 shares ÷ Q1 shares − 1) × 100; a zero Q1 balance is labeled New. Weight = a security’s reported value ÷ same-quarter operating-equity value. Weight change is measured in percentage points. Top-ten-company concentration sums the ten largest issuer values after combining common share classes. Values are not inflation-adjusted or converted into a manager return. Market-value changes combine price effects, position differences and potentially changes in the filing perimeter.
We checked the current SEC submission histories for Q1/Q2 amendments and more recent 13F reports at this cut-off. No applicable amendments were found for the source filings used here. A future restatement would replace the affected quarter; an adds-new-holdings amendment would be joined to its original rather than treated as another independent portfolio. Confidential treatment, permissible small-position omissions and non-reportable securities can limit what a public table reveals.
This report is holdings research, not a price-target initiation. It does not change AHNIM’s company valuation targets, create a manager performance ranking or make a personalized investment recommendation. AHNIM uses AI to assist research and illustration; filing checks, explicit calculations and dated corrections govern publication. See our research and corrections policy.
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Guru: verified reports, coverage status and quarterly statistics · All Appaloosa coverage
Micron’s HBM packaging ramp and cash-flow constraints — related company evidence; this 13F does not itself validate that company’s valuation.
TSMC Q3 earnings and manufacturing economics — related company evidence; this 13F does not itself validate that company’s valuation.
This is the initial Q2 2026 report. The Q1 baseline is reproduced above and linked to its original filings below; no earlier AHNIM quarterly report exists for this manager at publication.
Sources and original documents
Appaloosa LP · 13F-HR · period 2026-06-30 · filed 2026-08-14 · accession 0001656456-26-000003. EDGAR filing index; 13F-HR XML; INFORMATION TABLE XML.
Appaloosa LP · 13F-HR · period 2026-03-31 · filed 2026-05-15 · accession 0001656456-26-000002. EDGAR filing index; 13F-HR XML; INFORMATION TABLE XML.
Official manager/person biography or role notice. Portrait is an AI-generated editorial illustration checked against an official institutional reference, not a photograph or endorsement.
AMD official split history — US common-share adjustment review.
SEC Form 13F FAQ — reporting scope, current dollar units, amendments and Q3 2026 deadline. SEC company-ticker file and SEC issuer-submissions profiles — ticker and SIC identity mapping; individual issuer URLs are retained with calculations.
Publication record: initial analysis, October 17, 2026 (Korea). No prior version replaced.