🚨 David Tepper Buys MORE Memory Stocks (Q1 2026)

本站添加: 2026-05-25

[00:00:00]Hello everyone and welcome back. David Tepper bought more memory stocks.

[00:00:06]Last quarter, we checked his holdings and he was buying the dip on memory stocks, on Korean stocks. He bought Micron.

[00:00:17]It seems like he is doubling down. The portfolio was updated a few days ago and we learned something shocking.

[00:00:27]Shocking, he is riding this wave. In case you don't know David Tepper, he manages a fund called Appaloosa Management. The track record is exemplary. For the past 20 years, he has averaged like 25% per year. So, really really good performance for a long time.

[00:00:45]And it's always good to monitor what he's doing. He's one of the legendary investors of our world and in this video I want to analyze what he bought, what he sold, his latest moves, the biggest convictions in his portfolio because I've been monitoring him for many years. So, I can give you some commentaries along the way. In case this is your first video from this channel, welcome. My name is Kristoffer Noir. I've been investing in the stock market for almost a decade now and I have achieved a performance of 25% per year. Why? Because I am standing on the shoulders of giants like David Tepper. And when they do something, I monitor. So, first one, first position in his portfolio, you have Amazon. He is doubling down on on Amazon. We are talking about the concentrated portfolio for a concentrated and focused investor.

[00:01:37]He had Amazon as a big position in his portfolio. He just doubled the position.

[00:01:44]I'm using a website called Dataroma.

[00:01:46]You can check history and you can check that Amazon last quarter was 7% of his portfolio.

[00:01:54]Now, it's 15. So, a clear doubling of his Amazon position. Amazon is a company that was cheap around $200 and then it went up massively because of zero reasons. We learned nothing. The stock was cheap and then it re-rated. The company is investing everything into their own CapEx, growing massively, the cloud massively, AWS, advertising, more margins, profitable and they're using all these growth of all these cash towards CapEx. So, reinvesting inside the business and they will implement AI everywhere and they will put robots everywhere. So, in the next 5 years, 10 years, Amazon has clear tailwinds and I believe it's a great buy the deep opportunity.

[00:02:45]What we saw here was a deep and Amazon was cheap.

[00:02:51]Now, it is rebounding. We are maybe back to fair value. But, for the long term, it's still fine. Amazon has always been a buy. So, it has always been cheap because all these reinvestment opportunities. But, it's not for everybody.

[00:03:04]It's for you if you want to invest in growth.

[00:03:08]It's for you if you are happy with all their CapEx.

[00:03:12]It's not for you if you want to invest in efficient companies with buybacks.

[00:03:16]And this is the reason why I sold it. I sold it recently because I found better opportunities, companies with stellar margins doing a lot of buybacks.

[00:03:27]So, this isn't my investment style and I'm also doing 25% per year. So, both styles can work. Either you invest in growth and make 25% per year or you invest in buybacks and efficiency and you make 25% per year. Anything can work in this business. Okay.

[00:03:45]So, last quarter, the biggest position was Alibaba.

[00:03:49]Now, it's no longer the case.

[00:03:52]Now, what is the position of Alibaba?

[00:03:57]He trimmed Alibaba by 30% and it is now 7% of his portfolio.

[00:04:03]In case you don't follow David Tepper, he has three key themes in his portfolio. One is China. He bought the dip in China and for many, many stocks he bought jd.com, maybe PDD, ETFs, Alibaba, anything, Baidu, anything can do the work. So, China. Two, energy. He bought the dip on energy companies. So, the company called Energy Energy, but also Constellation Energy or Vistra, these kind of things. He cut the position recently on energy.

[00:04:39]And three, chips.

[00:04:41]Lam Research, Micron, these kind of things.

[00:04:45]Nvidia, these were the big themes.

[00:04:50]And last quarter, he decided to cut down the Chinese exposure, cut down the energy exposure, and double down on chips.

[00:04:58]And now, look at what we have.

[00:05:01]He made Micron his second largest position. He is buying more of the Micron dip, memory stock. You have a clear bottleneck for Micron.

[00:05:12]The chart of Micron is terrifying.

[00:05:15]But the bottleneck is terrifying. In case you don't know Micron, they are triopoly, oligopoly but three people, Samsung, SK Hynix, Micron, with a clear bottleneck in memory and DRAM. So, the commodity price has gone up a lot.

[00:05:36]And because you all have only three player, they are supply constrained and are just increasing the prices because of the commodity and they're printing cash. So, now Micron is uh uh multiplying by 10 their profits. So, the stock has been multiplied by 10 also. The stock price is at an all-time high. The net income is cyclical, right?

[00:05:59]This is a cyclical company, but right now look at the net income over time.

[00:06:03]You have 1 billion and then boom, 13 billion dollars in net income. Nobody knows when the music will stop, but now the music is extremely loud. So, people like to dance. And it seems like David Tepper is a good dancer. He likes to dance, and he buys the dip in Micron. Because the stock went up so much, it's now the second largest position.

[00:06:28]Life is good. By the way, if you want to become a better investor and improve your performance, I have a coaching program. It gives you the exact method I've used to generate 25% per year for almost a decade. More on that at the end of the video. But, there is something new in the thesis because he bought Micron a few 1/4 ago, we knew it. But, he also bought SanDisk, another memory company. SanDisk, it's a 3% position, and similarly uh SanDisk SanDisk, this one. Similarly, the stock is going to all-time highs, to all-time highs, to all-time highs. The year-to-date performance is plus 400%.

[00:07:12]You have clear bottlenecks, they are printing cash because of this commodity price. It's a company known for being cyclical. Look at this. Net losses and then gains. Net losses and now gains.

[00:07:25]They are now growing massively, printing cash. But, it's cyclical. So, nobody knows when the music will stop, but the music is loud, and people like to dance.

[00:07:35]And for these reasons, I will personally not touch Micron or SanDisk because I'm not a good dancer and I don't have any crystal ball, I don't have any edge. I don't know when the cycle will turn. Now we are supply constrained. Now you have clear bottlenecks.

[00:07:52]But how long would it be? How long I mean maybe it can take 1 year, 2 years.

[00:07:57]What I can tell you is I talked about Micron and oligopoly. You have three big player players. Samsung, Korea.

[00:08:08]Um SK Hynix, Korea. And Micron, the US.

[00:08:13]For SK Hynix, some other companies want to pay SK Hynix to increase the supply, increase the capacity.

[00:08:23]Because everything is sold out for 2026.

[00:08:25]Everything is already sold out for 2027.

[00:08:27]So people are coming to them and saying, "Guys, I will pay you, but just increase the supply."

[00:08:32]If it happens, when it happens, I don't know.

[00:08:35]It will increase the supply and the commodity price will go down. For the moment, I'm not saying it, but it's a scenario that can pop the bubble.

[00:08:43]Maybe now, maybe in 1 year, maybe in 2 years, 3 years. Nobody knows. And for this, I'm not touching the stock. I'm not forecasting and speculating on short term like this. I prefer other opportunities. But every time people said this time is different, this time was not different. You had something that was temporary, a bottleneck that was temporary. And then you had great profits and then great losses.

[00:09:09]So for the past 10 years, we've already seen this scenario twice.

[00:09:16]Like they promised the world as if this cycle was different. And then no, boom.

[00:09:21]You go from supply constraints to demand constraint.

[00:09:24]And that's fine.

[00:09:27]People buying Micron right now and San Disk think that this time is different because of AI and much more demand in chips, memory chips.

[00:09:36]And it seems like David Tepper is taking this position. Nobody knows in reality, but he is having a lot of conviction right now. So, very interesting to see one of the best investors of the world buying at all-time highs.

[00:09:53]Buying as these stocks are going up and up and up and up. Maybe that's just a trade like for China when he buys and then after 1 year he sells like for China.

[00:10:03]Or maybe he's just a long-term hold. For the moment, we just know that he is buying the dip.

[00:10:07]So, maybe they have more room to grow.

[00:10:09]Maybe they can double from there.

[00:10:12]Now, Micron has become a top 15 biggest holding in the world, top 15 biggest company in the world, which is absolutely crazy. Maybe they can go up again. If the bottleneck is so big. So, very very interesting.

[00:10:25]Talking about chips and Korea, he is adding more to his South Korea ETF.

[00:10:31]Plus 50%. So, he's doubling down, tripling down on this bottleneck, memory bottleneck.

[00:10:39]Micron will have spectacular earnings this year. Samsung, spectacular earnings.

[00:10:46]SK Hynix, spectacular earnings. You can check the ETF of South Korea skyrocketing because of this just because of this bottleneck. Earnings revision that is going up. Look at the Korean index doing nothing nothing for 15 years and boom, you reach your all-time highs and you go from 55 to almost 200.

[00:11:11]Earnings went up significantly.

[00:11:13]So, the ETF went up significantly.

[00:11:17]Do you think this rally has legs? That's up to you.

[00:11:22]I don't want to dance to this party, to this music. I'm happy to buy other things and I will I still outperform the market. So, life is good. But very interesting what is happening there.

[00:11:32]And I will monitor everything.

[00:11:34]And then for the chips, what do we have?

[00:11:36]He is buying more TSM, Taiwan Semiconductor. It's a safer way to invest in chips, of course.

[00:11:43]And then he is cutting the exposure to Nvidia minus 13%.

[00:11:48]Okay, fair enough.

[00:11:50]Um what's next for chips? He is reducing trimming a little bit of Lam Research. I think he's trimming some chip companies to buy other chip companies, like SanDisk. So he's just reallocating the position.

[00:12:03]And then trimming a little bit of ASML minus 20%. Qualcomm cut in half.

[00:12:09]And that's basically it for the first theme, chips. But very interesting and intriguing, to be honest, that he is buying the dip so late.

[00:12:19]He's buying this uh Micron and SanDisk rally so late.

[00:12:24]It's interesting, but you know what? You don't bet against David Tepper.

[00:12:29]So I would never short these stocks.

[00:12:33]Yeah, even if you think these stocks will go down, euphoria can continue. The bottleneck can continue for 2 years.

[00:12:41]So please don't short this. If you short this, you will cry. Most of the time when you short a position like this that is so powerful, so fast, so strong, it ends badly for short sellers. So if you don't know, if you don't have any opinion on this rally, just invest elsewhere. You have beautiful opportunities now.

[00:13:04]Let me continue with the second theme, China.

[00:13:06]So China, it was a the biggest holding last quarter. Alibaba was the biggest holding last quarter. Now he trimmed 30% of China of Alibaba, sorry. It's now 7% of his portfolio.

[00:13:22]Uh what do we have next?

[00:13:24]Pinduoduo, he cut in half the position, is now 1% of his portfolio.

[00:13:30]Baidu, he's adding 20% more. So, overall, it's a net negative. It's a net reduction. He trimmed almost everything off jd.com. He trimmed almost everything off this ETF of China.

[00:13:44]And I think if you click on activity, you can see what he sold out of. Like, he sold everything.

[00:13:52]He sold out completely out of this and this. Another Chinese ETF. So, he substantially reduced his exposure to China.

[00:14:03]Even though the Chinese market is going down. So, it's not because stocks have become expensive and he's taking profits. No, no, no.

[00:14:13]Stocks in China are down. Look at Alibaba for the past 3 years.

[00:14:18]It went up. He bought the dip. He bought the dip. He bought the dip. And now they reached uh a fair price and he sold. Last quarter, he sold already. And now this quarter, he sold again. Stocks went down. I think he's just comparing the risk-reward opportunities and he wants to go full force into this memory rally.

[00:14:41]And all the Chinese companies reported earnings.

[00:14:45]They were decent, but not great, to be honest. Revenue is okay. Revenue growth is okay. Single digits.

[00:14:51]They will all invest in more CapEx.

[00:14:53]Alibaba, Tencent. So, they will invest in AI. AI is growing nicely. But it's the growth is no not here.

[00:15:03]If you want to compare tech companies from China and tech companies from the US, you will see one make difference.

[00:15:13]Uh one similarity is they both invest in CapEx and AI substantially. Alibaba, Tencent, but also Meta, Amazon, Google, etc. Chinese tech, US tech, capex, capex, AI, AI. But, Meta is reaccelerating and growing revenue 30% per year.

[00:15:34]Google is reaccelerating, growing revenue that is up double digits.

[00:15:38]Amazon, same thing reaccelerating.

[00:15:40]Microsoft, same thing reaccelerating.

[00:15:43]But, Alibaba, growth rate of what? 5%? Roughly this.

[00:15:48]Tencent, growth rate of 15% and decreasing.

[00:15:53]Not so great. So, they both invest meaningfully, but it seems like US tech is growing more. So, if you have the choice, you just have to look at this and evaluation, the risk reward is not the same. Okay?

[00:16:07]So, that was it for the second second theme, China.

[00:16:12]Third theme of his portfolio is chips, as we said, um energy, sorry. Energy, what do we have for energy? Vistra.

[00:16:20]He doubled down on energy. Oh, finally, he's back. So, he added 100% of his Vistra position, is now 5% of his position. He is buying the dip a little bit to energy energy, plus 5%.

[00:16:34]And then, what do we have? No no no no no no nothing here nothing here.

[00:16:40]Energy Transfer, he sold a little bit.

[00:16:44]Minus 30%.

[00:16:46]And did he sell out of something in particular? No. So, the energy exposure is stable. You buy a little bit, you sell a little bit.

[00:16:57]And the final part, you have a little bit of tech, of course. You have Google, that's 8% of his portfolio, that's Uber, he's tripling down on Uber, so that's now 7% of his portfolio.

[00:17:11]And you have Meta Platforms, he trimmed a little bit, minus 30%. So, he's still bullish tech, right?

[00:17:17]And then that's basically it for the tech. Microsoft he trimmed, he reduced by 80%.

[00:17:25]And he invest also a little bit in defense.

[00:17:29]L3 Harris he trimmed. RTX he trimmed.

[00:17:35]Okay.

[00:17:36]And then Whirlpool, I don't understand he's picking Whirlpool.

[00:17:40]Last quarter or two quarters ago he made a huge investment in Whirlpool.

[00:17:47]And it seems like it completely failed.

[00:17:50]Like he invested in Whirlpool after the big drop.

[00:17:55]Uh big drop or maybe before. Anyway, the stock is at an all-time low right now.

[00:18:01]So I don't know what he saw for Whirlpool, but he completely cut the position.

[00:18:08]So sometimes he will fail, sometimes he will print cash, but when he fails he cuts the position very fast. So for Whirlpool interesting. So this quarter taught us that he is extremely bullish memory stocks for chips.

[00:18:27]He reduced his exposure to China significantly. The energy play is still here, but he's doubling down, tripling down on chips. Very interesting to see and I will monitor his portfolio in 2026. Don't hesitate to subscribe so you will know his latest updates. If you like this content and you want to go deeper, I have a coaching program. In this program you will learn my strategy to generate 25% annual returns. You will learn how to find winning opportunities.

[00:18:55]You will learn how to properly value any stock, when to buy, when to sell so that you can build a strong portfolio filled with great companies. Additionally, inside this coaching program you will have access to an exclusive community of like-minded investors and also you will have my personalized guidance to reach your investing goals. Click the first link in the description to get more information. You will get a video that explains how everything works completely for free. No need for your email address, just click the link in the description and I'll see you on the other side.