Billionaire hedge fund manager David Tepper of Appaloosa Management ended the second quarter with 40% of his portfolio in three artificial intelligence stocks: Amazon, Micron, and Taiwan Semiconductor Manufacturing. Amazon is Tepper's largest holding, representing more than 15% of his portfolio, and he added to his shares in Q2. Amazon leads in e-commerce and cloud computing, with AWS its largest business by profitability and fastest-growing; AWS growth has been accelerating, and Amazon gets a quick two- to three-year payback on chip and networking investments while locking in deals for five or more years. With a $496 billion backlog and a projection that AWS could become a $1 trillion revenue business, Amazon has a long runway. Micron is Tepper's second-largest position, accounting for over 14% of his holdings; he trimmed his stake in Q2, but a pullback from Q2 highs makes it attractive. Micron has been riding the memory supercycle, driven by soaring demand for high-bandwidth memory, with tight HBM supply and demand expected to remain for several years.