Quick Read – Tepper doubled his Amazon (AMZN) stake to ~$900M, making it 15% of his portfolio, buying while Bezos and Jassy both sold shares. – Tepper skipped Nvidia (NVDA) and bet on Amazon’s Trainium chips instead, which are now at a $20B run rate with OpenAI and Anthropic…
mmitted as customers. – AWS grew 28% in Q1 and EPS crushed consensus by 61%, but free cash flow collapsed to $1.2B as $200B in 2026 capex ramps up. – Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Amazon didn’t make the cut. Grab the names FREE today
David Tepper’s Appaloosa Management nearly doubled its Amazon (NASDAQ:AMZN) stake in the first quarter of 2026, adding roughly 2.14 million shares to bring the total to about 4.3 million, a position worth approximately $900 million and disclosed in a 13F filed May 15. That move makes Amazon Tepper’s single largest holding at roughly 15% of the $5.93 billion portfolio, up from third place at 7% in Q4 2025. The reflexive guess for a billionaire’s top artificial intelligence bet is NVIDIA (NASDAQ:NVDA).
Tepper went a different direction. What Tepper Bought, and Why It Matters Tepper concentrated capital into Amazon during a quarter when sentiment around hyperscaler CapEx was deteriorating. Amazon traded at $208.27 on March 31, 2026, weighed down by investor anxiety about the scale of AI infrastructure spending.