The opposite of Michael Burry: Billionaire David Tepper Just Went ALL IN on Tech Stocks

According to the regulatory filing released Monday, Appaloosa both opened new positions and boosted previous holdings of a number of major tech and AI stocks last quarter. The firm added the likes of $Advanced Micro Devices (AMD.US)$ , $Apple (AAPL.US)$ $Intel (INTC.US)$ and $Qualcomm (QCOM.US)$ to its roster with 2.31 million shares, 480,000 shares, 6.78 million shares, and 1.85 million shares, respectively.
The fund also increased its previous holdings of $Alibaba (BABA.US)$ , to 4.48 million shares from 100,000 shares, as well as $Amazon (AMZN.US)$ , to 3.16 million shares from 2 million shares, and $Meta Platforms (META.US)$ , to 1.5 million shares, from 700,000 shares.

Tepper’s investments reflect a clear trend towards both e-commerce, tech, and AI and a general avoidance of more retail-centric businesses. Reasonably so. With concerns of both domestic and global recessions continuing to fluctuate with any given economic report or monetary policy adjustment, siding with the nigh-guaranteed potential of growth is seemingly a safer bet than retailers, which stand to suffer from slowdowns in consumer spending.
Tepper stands in contrast to another major investor, Big Short subject Michael Burry. Burry’s second-quarter investments, via his own Scion Asset Management hedge fund, were also recently published in a 13F filing. Unlike Tepper, Burry largely bet against the stock market. Indeed, Burry purchased millions worth of $S&P 500 Index (.SPX.US)$ and $Invesco QQQ Trust (QQQ.US)$ Nasdaq Composite put options. These securities will increase in value should the S&P or Nasdaq fall relative to the options’ strike prices. Given the tech-centric nature of the Nasdaq, this is, in a sense, a bet against many of the tech stocks Tepper opted to buy into in Q2.

Burry did make some purchases, however. Scion took new positions in $MGM Resorts International (MGM.US)$ , $Generac (GNRC.US)$ and $Expedia (EXPE.US)$ .