Appaloosa Q1 2026 Preview: Tepper Cut Alibaba Below 11% and Refilled With Amazon, Micron and TSM

David Tepper's public book still rewards anyone willing to read it position by position. Appaloosa LP finished Q4 2025 with $6.9B in visible 13F assets and only 39 holdings, which means capital reallocation shows up immediately. The biggest visible twist is that Alibaba remained the top stake at 10.88%, but its weight dropped sharply while new core positions in Amazon, Micron, TSM, Whirlpool, and NRG took up more of the book.

TL;DR

• AUM: $6.9B visible 13F book with just 39 holdings.
• Top position still China-linked: BABA leads at 10.88%, but the weight fell from 32.07% to 10.88%.
• New refill names: AMZN is 7.26%, MU 7.21%, TSM 4.96%, WHR 4.07%, and NRG 3.77%.
• Alphabet got bigger too: GOOG rose 65.94% in value and now sits at 8.10%.
• Q1 watch: did Tepper merely diversify away from China concentration, or is Appaloosa building a more durable AI-and-cyclicals mix?

Why This Filing Matters

Appaloosa is one of the rare filings where concentration math still tells a clean story. When Tepper cuts a 30%+ position down toward 10% and redistributes capital across semis, cloud, consumer cyclicals, and power demand, that is not background noise. It is the portfolio. Q1 2026 will show whether Q4 was the beginning of a new mix or just a temporary risk rebalance.

What Q4 2025 Set Up

The visible Q4 posture looks like a controlled reduction in China concentration rather than a full retreat from risk. Alibaba remains #1, but Appaloosa also made room for Amazon, Micron, TSM, and Microsoft while keeping meaningful exposure to NVIDIA and Meta. Add in Whirlpool and NRG, and the book begins to read like a broader U.S. growth-and-cyclicals portfolio rather than a single China thesis.

What Tepper Is Taking Into Q1 2026

Position	Value	Weight	Why it matters
BABA	$753.1M	10.88%	Still the biggest stake, but far less dominant than in the prior quarter.
GOOG	$560.7M	8.10%	Alphabet grew while China concentration fell.
AMZN	$503.0M	7.26%	A new core U.S. platform position.
MU	$499.5M	7.21%	Direct exposure to the AI memory buildout.
TSM	$343.4M	4.96%	A new semiconductor manufacturing pillar in the book.

Questions For Q1 2026

Does Alibaba stay the anchor?

The cleanest first question in the next filing is whether Alibaba stabilizes around the current weight, gets rebuilt, or keeps shrinking. That will determine whether Q4 was a trim or a true thesis reset.

Are Amazon, Micron and TSM now core positions?

If Amazon, Micron, and TSM keep or expand their weights, Appaloosa's visible pivot toward AI-linked infrastructure and quality growth will look intentional.

Why do Whirlpool and NRG matter in the same filing?

Those additions suggest Tepper is not only expressing an AI or internet view. He is also reserving room for cyclical U.S. demand, energy intensity, and industrial consumption.

What should readers treat as a headline on May 15?

Any further drop in BABA, any additional build in MU or TSM, and any sign that Appaloosa keeps migrating into a broader U.S.-centric mix.

Bottom Line

Appaloosa's Q1 2026 filing will tell readers whether Tepper is truly moving from a single dominant China bet toward a more diversified AI-and-cyclicals portfolio. Because the fund only discloses 39 holdings, the answer should be visible almost immediately in the top ten.

Q&A

When is Appaloosa's next filing due?

May 15, 2026.

What is Appaloosa's biggest disclosed holding right now?

Alibaba remains the top visible holding, but at a much smaller weight than in the prior quarter.

Why are Micron and TSM important in this filing?

They signal that Tepper may be leaning harder into the semiconductor side of the AI trade.