David Tepper Trimmed Nvidia and AMD, but Doubled Down on This AI Stock

Joel South

Mon, June 22, 2026 astatine 11:47 AM CDT 4 min read

Quick Read

• Tepper astir doubled his Amazon involvement to 15% of his portfolio, betting connected AWS's 28% YoY gross growth, which represented its fastest gait successful 15 quarters.

• Tepper chopped NVIDIA by 13% and AMD by 32%, rotating profits from spot names into the hyperscaler buying those chips astatine a acold cheaper valuation.

• Act now: the expert who called NVIDIA successful 2010 conscionable named his apical 10 AI stocks — and Amazon didn't marque the cut. Grab the names FREE today.

David Tepper's Appaloosa Management trimmed NVIDIA (NASDAQ:NVDA) by astir 13% of shares and chopped AMD (NASDAQ:AMD) by astir 32% of shares portion astir doubling its Amazon position, adding astir 2.14 cardinal shares (an summation of astir 98%) during the 4th ended March 31, 2026. The disclosure landed successful the 13F filed May 15, 2026, and the mathematics of the rebalance is what matters: Amazon became Appaloosa's azygous largest disclosed holding astatine astir 15% of the portfolio. This is point-in-time data; it tells you however Tepper was positioned astatine quarter-end, not what helium owns this morning.

The featured AI play is Amazon (NASDAQ:AMZN), and the AI space is AWS. Tepper rotated superior retired of 2 semiconductor names that person screamed higher into the hyperscaler that those chips merchantability into. AMD is up astir 151% twelvemonth to day done June 18, 2026, and NVIDIA has gained astir 13% YTD aft a multi-year run. Amazon, by contrast, is up astir 6% YTD. The trim-and-rotate looks similar classical Tepper: instrumentality profits successful the crowded trade, displacement dollars to the cheaper mode to ain the aforesaid theme.

The Thesis: AWS Is Reaccelerating

The underlying information supports the rotation. AWS gross grew 28% YoY successful Q1 2026 to $37.59 billion, the fastest gait successful 15 quarters, with a 38% operating margin. The maturation ladder is striking: 17% successful Q2 2025, 20% successful Q3, 24% successful Q4, past 28% successful Q1 2026. That is the signature of durable endeavor AI demand, not a one-quarter spike.

Act now: the expert who called NVIDIA successful 2010 conscionable named his apical 10 AI stocks — and Amazon didn't marque the cut. Grab the names FREE today.

Amazon is besides gathering the picks-and-shovels in-house. The customized chips concern (Trainium, Graviton, Nitro) crossed a $20 cardinal gross tally complaint with triple-digit YoY growth, and Amazon has locked successful landmark commitments: astir 2 GW of Trainium capableness for OpenAI starting successful 2027 and up to 5 GW for Anthropic. CEO Andy Jassy framed it bluntly: "AWS is increasing 28% (our fastest maturation successful 15 quarters) connected a precise ample base, our chips concern topped a $20 cardinal gross tally complaint (growing triple digits year-over-year)."