Billionaire David Tepper Divests Micron and Sandisk While Hedging Key Customer
Yahoo Finance ·
Legendary investor David Tepper, founder of Appaloosa Management, has made significant adjustments to his portfolio by unloading shares of market favorites Micron and Sandisk during the second quarter. Established in 1993, Appaloosa historically delivered annualized returns of about 25% through mid-2019. Now primarily managing private capital, the fund achieved a massive 32% gross return in the first half of 2026 alone, maintaining a reputation for bold, contrarian bets. According to the mandatory Form 13F filing submitted roughly 45 days after the quarter's close, Tepper not only exited his positions in Micron and Sandisk but also acquired put options on one of their primary corporate customers. This strategic defensive move indicates that the billionaire manager may be anticipating market headwinds that general investors are currently overlooking.
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Billionaire investor David Tepper's Appaloosa Management posted a 32% total return in the first half of 2026, while a recent 13F filing revealed that it completely sold off its Micron and SanDisk shares. Notably, the firm purchased put options on major customers of these semiconductor companies to hedge against declines. This suggests a potential correction in semiconductors and related downstream industries amid market overheating, requiring investor caution.
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- Semiconductors — David Tepper liquidated his stakes in Micron and SanDisk and bought put options on key customers, betting on a slowdown in industry conditions and falling stock prices.
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Appaloosa's portfolio adjustment is interpreted as a warning about the memory semiconductor sector, including Micron and SanDisk, reaching a short-term peak and facing potential demand slowdowns. In particular, the purchase of put options on key customers establishes a protective measure against earnings slowdowns or stock drops, signaling downward pressure across the supply chain.
The bullish scenario is that semiconductor earnings exceed expectations driven by sustained AI infrastructure demand, while the bearish scenario involves a sharp drop in demand and inventory adjustments by downstream customers. Key indicators to watch are additional trading details in future 13F filings and earnings guidance from major customers.
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