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\u00a9 Scott Cunningham \/ Getty Images Sport via Getty Images<\/p>\n
David Tepper\u2019s Appaloosa Management closed out 12 positions entirely in the Q2 2026 13F filed August 14, 2026, and the pattern beneath the list reveals a fund narrowing sprawling thematic bets down to single-name conviction plays.<\/p>\n
The complete exit list, as of June 30, 2026: SanDisk (NASDAQ:SNDK<\/a> | SNDK Price Prediction<\/a>) 281,250 shares, Corning (NYSE:GLW<\/a>) 1,129,500 shares, PDD Holdings (NASDAQ:PDD<\/a>) 900,000 shares, JD.com (NASDAQ:JD<\/a>) 1,305,000 shares, L3Harris Technologies (NYSE:LHX<\/a>) 198,000 shares, RTX (NYSE:RTX<\/a>) 342,000 shares, Ball Corporation 837,000 shares, Microsoft (NASDAQ:MSFT<\/a>) 90,000 shares, the KraneShares CSI China Internet ETF (NYSEARCA:KWEB<\/a>) 1,080,000 shares, UnitedHealth 90,000 shares, Lyft (NASDAQ:LYFT<\/a>) 2,700,000 shares, and Deutsche Bank 257,616 shares.<\/p>\n Five of these deserve a closer look.<\/p>\n Tepper Trims Memory<\/p>\n First, the memory move. Tepper\u2019s 2026 track record was built on chips. Bloomberg reported Appaloosa returned 32% in the first half of 2026 driven by memory-chip makers<\/a>. Yet he walked entirely out of SanDisk, a stock up 591.34% year-to-date through August 14 and boasting a 5-quarter EPS beat streak with Q4 FY2026 revenue of $8.97 billion and gross margin of 84.6%. Tepper\u2019s exit from SanDisk would have looked brialliant as the stock imploded throughout July, but shares have rebounded in recent weeks. SanDisk issued a long-term framework this year that forecasts non-GAAP gross margins at 80% in the 2028 to 2030 period.<\/p>\n Tepper Exits Defense Stocks and Two Chinese Positions<\/p>\n Second, the paired defense walkout. RTX and L3Harris both went to zero shares held in the same quarter despite RTX raising FY2026 EPS guidance to $7.10-$7.25 and L3Harris signing a seven-year THAAD\/PAC-3 framework worth approximately $12 billion of future production revenue.<\/p>\n Third, the China dismantling. He exited PDD, JD.com, and the KWEB ETF, and trimmed Alibaba by 1,465,000 shares.<\/p>\n What He Kept Tells You More Than What He Sold<\/p>\n Yet, Tepper did not completely abandon memory. He trimmed Micron by 690,000 shares but still held 975,000 shares valued at $1,125,432,750, one of his largest disclosed positions. Micron (NASDAQ:MU<\/a>) offers 16 Strategic Customer Agreements with $100 billion in RPO and floor prices delivering margins \u201cwell above our peak quarterly margins in any past cycle.\u201d Similarly, on China: he added 602,900 shares to Baidu, taking that stake to 1,295,000 shares valued at $148,005,550. Baidu (NASDAQ:BIDU<\/a>) offers one of the cleanest AI narratives in China, with GPU Cloud revenue up 184% year-over-year and AI-powered business crossing 52% of Baidu General Business revenue. Defense is the outlier: no survivor, no substitute.<\/p>\n A Mixed Bag Since Q2<\/p>\n It appears to be a mixed bag on Tepper\u2019s Q2 moves. Moves that look good right now include SanDisk trading at $1,641.11, still off its $2,273.73 price on June 30. GLW is down 35.02% since June 30. RTX, by contrast, has rallied 17.9% since the quarter closed, and LYFT is up 19.64%. Baidu is down 9.29% since June 30th.<\/p>\n The Takeaway<\/p>\n This is a 13F. Point-in-time holdings as of June 30, 2026, disclosed roughly 45 days later, and not necessarily current positions. Funds sell for tax, liquidity, and portfolio-construction reasons, so an exit does not equal a bearish call. The actionable signal is structural: Tepper is still holding memory but has lightened his bet on the space. Meanwhile, he\u2019s completely exited his defense positions.<\/p>\n