David Tepper's Appaloosa Management trimmed NVIDIA by roughly 13% of shares and cut AMD by roughly 32% of shares while nearly doubling its Amazon position, adding about 2.14 million shares (an increase of roughly 98%) during the quarter ended March 31, 2026. The disclosure landed in the 13F filed May 15, 2026, and Amazon became Appaloosa's single largest disclosed holding at roughly 15% of the portfolio. Tepper rotated capital out of semiconductor names into the hyperscaler that those chips sell into, betting on AWS's 28% YoY revenue growth in Q1 2026 to $37.59 billion, its fastest pace in 15 quarters, with a 38% operating margin. Amazon's custom chips business crossed a $20 billion revenue run rate with triple-digit YoY growth, and Amazon has locked in roughly 2 GW of Trainium capacity for OpenAI starting in 2027 and up to 5 GW for Anthropic. Amazon trades around 34x earnings versus AMD's stretched 202x, and Q1 delivered EPS of $2.78 against a $1.73 estimate, a 61% beat, with Q2 2026 guidance of $194 to $199 billion in revenue.