David Tepper’s disclosed portfolio illustrates how an investor can broaden exposure without abandoning a strong long-term theme. Appaloosa added aviation positions while retaining substantial investments in cloud computing and memory. The interesting opportunity is the combination: aircraft demand and airline execution offer different business drivers from the AI infrastructure cycle.
These are holdings reported for June 30, 2026, filed on August 14, rather than purchases observed today. Comparing Appaloosa’s June information table with its March table makes the rotation visible in share quantities. It also prevents rising stock prices from being mistaken for additional buying.
Aviation joins a technology-heavy book
The June filing introduced 800,000 shares of Boeing (BA), valued at about $173.2 million at quarter-end, and 7.5 million shares of American Airlines (AAL), valued at $135.5 million. Neither appeared in the March table.
These businesses represent distinct recovery possibilities. For Boeing, delivery execution, manufacturing reliability and cash conversion determine whether an aircraft backlog becomes stronger financial performance. For an airline, capacity discipline, fares, operating costs and debt service matter more than aircraft order books. Owning both creates exposure to aviation, but it does not turn their investment cases into the same story.
The practical research question is whether improving business execution can produce earnings growth that remains underappreciated in the price. A low valuation alone is less persuasive than a measurable improvement in cash generation.
Memory remains a major commitment
Appaloosa increased Amazon (AMZN) from 4.32 million to 5 million shares and Alphabet Class C (GOOG) from 1,732,700 to 1.85 million shares. Micron (MU) was reduced from 1.665 million to 975,000 shares, yet its June-end value remained approximately $1.13 billion.
That is an important distinction between a trim and a loss of conviction. Micron still represented a substantial disclosed investment. Memory exposure can benefit when demand, pricing and product mix improve together, although a cyclical business must also be evaluated against the next supply response.
The reported Sandisk (SNDK) position disappeared. Its March-end value was approximately $178.7 million, not more than $400 million. That figure is a prior snapshot value, not disclosed sale proceeds. The filings also do not establish whether Appaloosa subsequently rebuilt the holding.
A rotation to study through operating results
UnitedHealth (UNH), RTX (RTX), L3Harris (LHX) and PDD (PDD) were present in March and absent from the June table. Their disappearance establishes a change in disclosed exposure, without proving why the manager made it.
The resulting portfolio combines AI-linked investment with selective cyclical recovery. Investors following that approach can compare the site’s David Tepper (Appaloosa) model with each company’s earnings history, price trend and trading volume. The model is a selected subset of disclosed common stocks, so its normalized weights differ from the complete filing, which also contains option positions.
The clearest takeaway is to evaluate the next increment of business progress: stronger aircraft deliveries and airline profitability on one side, durable cloud demand and memory earnings on the other. Those developments will be more informative than treating an August disclosure as a November trading instruction.