David Tepper’s global hedge fund Appaloosa purchased 480,000 shares of Apple it revealed in a Securities and Exchange Commission filing late Monday.
Appaloosa’s assets under management were US$14 billion as of December 2022.
Wallace Witkowski for MarketWatch:
In the quarterly filing, Appaloosa reported a new 2.3 million-share position in Advanced Micro Devices Inc. and a 480,000-share position in Apple Inc. Tepper also increased his stake in Nvidia Corp. by 580% to just over 1 million shares and more than doubled his stake in Meta Platforms Inc. to 1.5 million shares.
Meanwhile, Appaloosa increased its stake in Amazon.com Inc. by 58% to 3.2 million shares and hiked its stake in Microsoft Corp. by more than 375% to 1.2 million shares, while dumping stakes in Salesforce Inc. and Tesla Inc.
MacDailyNews Take: A vote of confidence for Apple.
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I also purchased some AAPL at $177.70.
Wow, I’d say David has A LOT of confidence in tech…the sector that many say is overvalued and are wary.
Easy to be confident when you’re gambling with other people’s money.