David Tepper Scales Back China Exposure and Sells Out of Key Tech Giants

In the most recent 13F, David Tepper’s Appaloosa LP made a series of significant reductions across its equity portfolio. Known for his tactical macro positioning and opportunistic value approach, Tepper appears to have trimmed exposure to several high-growth and technology-linked names after strong runs, while consolidating capital into core holdings with better risk-reward balance.

Below are the top five reductions by percentage change in common stock holdings:

iShares China Large-Cap ETF (FXI) – ↓82.14% (Exchange-Traded Fund)
Appaloosa sold 4.6 million shares, retaining 1 million. The sharp reduction underscores Tepper’s ongoing caution toward Chinese equities amid sluggish growth, regulatory uncertainty, and continued capital outflows from the region.

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Oracle Corp (ORCL) – ↓78.57% (Information Technology)
The fund trimmed 550,000 shares, leaving 150,000. This move likely reflects profit-taking after Oracle’s strong cloud-driven rally and rising competition concerns in enterprise software.

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PDD Holdings Inc (PDD) – ↓54.23% (Consumer Discretionary)
Tepper sold 2.37 million shares, retaining 2 million. The reduction suggests a tactical pullback from Chinese e-commerce exposure amid geopolitical tensions and uncertainty around consumer demand.

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Meta Platforms Inc (META) – ↓27.27% (Communication Services)
Appaloosa cut 150,000 shares, holding 400,000 after the sale. The trim may signal valuation discipline after Meta’s surge, with Tepper locking in gains while maintaining a meaningful core stake.

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Alphabet Inc (GOOG) – ↓25.37% (Communication Services)
The fund sold 510,000 shares, retaining 1.5 million. The reduction reflects portfolio rebalancing within large-cap tech following significant appreciation across the AI and search ecosystem.

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Overall, Tepper’s latest 13F activity highlights a disciplined risk-management approach—paring back cyclical and China-exposed positions while retaining exposure to U.S. mega-cap technology. The portfolio now skews toward high-liquidity, large-cap names, reflecting Appaloosa’s characteristically nimble stance as markets digest tighter financial conditions and evolving global growth dynamics.

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Exits

In the most recent quarter, David Tepper’s Appaloosa LP executed several full exits that highlight his willingness to move decisively when the market narrative changes. The most significant was the liquidation of the SPDR S&P 500 Fossil Fuel Reserves ETF (SPYX), a $2.5 billion PUT position that previously made up roughly 30% of the portfolio. Tepper also exited Apple (AAPL), closing a $278 million PUT stake that had been a long-standing position.

These moves suggest a deliberate retreat from passive and mega-cap exposure, possibly to redeploy capital toward higher-upside or more tactical opportunities.

Other full exits included Wynn Resorts (WYNN), Las Vegas Sands (LVS), and Broadcom (AVGO)—indicating profit-taking in leisure and semiconductor names after strong multi-quarter runs—along with the PUT position in VanEck Semiconductor ETF (SMH), and Expand Energy Corp (CHKEL).

Collectively, these exits reflect Tepper’s signature flexibility and macro-driven discipline, trimming mature winners and maintaining dry powder for future market dislocations.