We break down the stocks David Tepper (Appaloosa) bought, sold, and held in Q4 2024, including their holdings at the end of the quarter. All data sourced from Appaloosa's 13F filed on February 10, 2025.
Who are David Tepper and Appaloosa?
Appaloosa Management is a hedge fund founded in 1993 by David Tepper, who gained fame for his bold contrarian bets during the 2008 financial crisis that yielded billions in profits. Originally specializing in distressed debt, the firm has evolved to invest flexibly across public equities and fixed income markets globally. Tepper's opportunistic investment approach combines macroeconomic analysis with deep fundamental research, allowing Appaloosa to identify mispriced assets during periods of market dislocation. The firm has delivered exceptional long-term returns, establishing Tepper as one of the most successful hedge fund managers of his generation.
AMLP.com
Wikipedia on David Tepper
Portfolio Changes in Q4 2024
New positions
Appaloosa initiated a new position in Corning (GLW), purchasing 1.5 million shares valued at $71.3 million.
Bought
Appaloosa significantly increased its holdings in several positions, most notably adding 3.2 million shares to JD.com (JD) and 1.8 million shares to Alibaba (BABA), expanding its Chinese technology exposure. The firm also substantially increased its energy sector bets, more than doubling positions in Vistra (VST) and NRG Energy (NRG), while adding meaningfully to China Internet (KWEB), China Large Cap (FXI), and Chesapeake Energy (CHK).
Sold
Appaloosa completely exited positions in Adobe (ADBE) and Southwestern Energy (SWN), liquidating $103.6 million and $29.7 million worth of holdings respectively. The firm also made significant reductions across multiple sectors, cutting its Lyft (LYFT) stake by 2.3 million shares, reducing Energy Transfer (ET) by 1.9 million shares, and slashing Intel (INTC) by 60% from 2.5 million to 1 million shares. Other notable trims included reductions in EQT (EQT), Antero Resources (AR), Las Vegas Sands (LVS), and Amazon (AMZN).
New Investments in Q4 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| GLW | Corning | 100.0% | NEW | $71.28M |
Corning GLW
David Tepper bought $71.28M of Corning in Q4 2024. Corning delivered strong Q1 2025 results with 13% YoY core sales growth to $3.7B and 42% EPS growth to $0.54, outperforming guidance. Enterprise sales surged 106% YoY on Gen AI infrastructure demand, while solar product manufacturing expansion positions them for U.S. energy transition opportunities. Management forecasts continued momentum with Q2 core sales of ~$3.85B and EPS of $0.55-$0.59 (+29-38% YoY growth).
- Core operating margin expanded 250bps YoY to 18% in Q1, demonstrating improved profitability.
- Optical Communications segment sales grew 106% YoY driven by AI data center solutions.
- Q2 guidance includes $0.55-$0.59 core EPS despite $0.01-$0.02 tariff impacts and $0.03 transitional costs from production ramps.
Holdings at the end of Q4 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| BABA | Alibaba | 20.7% | Added (+18%) | $1B |
| AMZN | Amazon | 11.8% | Trimmed (-19%) | $570.41M |
| MSFT | Microsoft | 8.4% | $408.86M | |
| VST | Vistra | 7.7% | Added (+113%) | $372.25M |
| JD | JD.com | 7.5% | Added (+43%) | $362.85M |
| META | Meta | 5.9% | Trimmed (-22%) | $286.9M |
| ORCL | Oracle | 4.8% | Trimmed (-11%) | $233.3M |
| FXI | China Large Cap | 4.2% | Added (+14%) | $202.03M |
| LYFT | Lyft | 3.6% | Trimmed (-14%) | $174.15M |
| NRG | NRG Energy | 3.4% | Added (+82%) | $163.75M |
| KWEB | China Internet | 2.8% | Added (+22%) | $133.79M |
| QCOM | Qualcomm | 2.5% | $122.9M | |
| MU | Micron | 2.1% | Added (+14%) | $100.99M |
| ET | Energy Transfer | 2.0% | Trimmed (-28%) | $96.28M |
| LRCX | Lam Research | 1.9% | $90.29M | |
| UNH | UnitedHealth | 1.8% | $88.27M | |
| GLW | Corning | 1.5% | NEW | $71.28M |
| TSM | Taiwan Semiconductor | 1.0% | Trimmed (-38%) | $49.37M |
| BEKE | KE Holdings | 1.0% | Added (+18%) | $47.41M |
| LVS | Las Vegas Sands | 1.0% | Trimmed (-41%) | $46.22M |
| WYNN | Wynn Resorts | 0.9% | Trimmed (-38%) | $43.08M |
| EQT | EQT | 0.8% | Trimmed (-55%) | $36.89M |
| AR | Antero Resources | 0.6% | Trimmed (-52%) | $29.44M |
| CHK | Chesapeake Energy | 0.6% | Added (+79%) | $29.37M |
| MPLX | MPLX | 0.6% | $27.69M | |
| CHKEZ | Chesapeake Energy | 0.5% | $22.73M | |
| INTC | Intel | 0.4% | Trimmed (-60%) | $20.05M |
| CHKEL | Chesapeake Energy | 0.3% | $12.83M | |
| ADBE | Adobe | 0.0% | Exited | $0 |
| SWN | Southwestern Energy | 0.0% | Exited | $0 |
Disclaimer: All posts on Scout are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.
