Tepper sells some Nvidia despite bullish AI bets on Oracle, Alibaba, Amazon and Microsoft
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David Tepper sold nearly 23% of his hedge fund Appaloosa Management's position in Nvidia (NVDA) in Q4 2023, despite the stock rising over 70% in 2024 so far.
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Tepper remains bullish on AI and bought shares of several AI-related companies in Q4 Oracle (ORCL), Alibaba (BABA), Amazon (AMZN), and Microsoft (MSFT).
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Oracle launched a new generative AI service and partners with Nvidia; Tepper bought $140 million worth of Oracle shares.
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Tepper added 750,000 Alibaba shares, betting on a rebound of the beaten-down Chinese tech stock.
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Amazon and Microsoft's cloud platforms and AI chips make them leaders in AI adoption; Tepper upped stakes in both by 5% and 4% respectively.