David Tepper’s Appaloosa Management reshuffled its semiconductor exposure in the third quarter of 2025, according to its latest 13F filing. The hedge fund initiated a new position in Advanced Micro Devices (AMD) with 950,000 shares and added 150,000 more shares of Nvidia (NVDA), showing confidence in the long-term AI and data center boom.
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At the same time, Alibaba (BABA) remained Appaloosa’s largest holding, even after an 8.7% reduction. It is now worth about $1.15 billion, making up 15.6% of the portfolio.
Further, Amazon (AMZN) continues to be the second-largest holding, though the fund trimmed its stake by 7.4%. Also, it exited positions in Intel (INTC) and Oracle (ORCL) stocks.
Whirlpool Becomes a Core Holding
The most eye-catching move was Appaloosa’s massive bet on Whirlpool (WHR). The fund boosted its position to 5.50 million shares from 266,000 in Q2. As of September 30, the stake in WHR stock was worth $432.3 million, making it the third-largest holding in the portfolio.
This move comes even though Whirlpool stock is down 41% over the past year, underperforming the S&P 500 (SPX). Tepper’s move shows he sees potential in the struggling appliance maker, likely hoping for a rebound.
New Positions in Bank Stocks
Tepper’s filing shows a spike in interest in bank stocks. In the third quarter, Appaloosa acquired stakes in Truist Financial (TFC), KeyCorp (KEY), Citizens Financial (CFG), Comerica (CMA), and Zions (ZION).
Simultaneously, Tepper reduced his stake in the health insurance provider UnitedHealth (UNH) to 203,500 shares from 550,000 in Q2.
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