Billionaire David Tepper Just Revealed His Single Largest Stock Holding. It's Not NVIDIA

The article says David Tepper’s Appaloosa Management nearly doubled its Amazon stake in Q1 2026, making AMZN his largest holding at about $900 million and roughly 15% of the portfolio. Tepper’s move stands out because he chose Amazon over Nvidia as his preferred AI exposure, betting on AWS, custom Trainium chips, and Amazon’s broader AI infrastructure buildout rather than the chipmaker directly. The piece highlights Amazon’s 28% AWS growth in Q1, a $20 billion annual run-rate for Trainium/Graviton, and major customer commitments from OpenAI and Anthropic. However, the bullish growth thesis is tempered by heavy capex: Amazon expects about $200 billion of 2026 capital expenditures, while free cash flow has fallen sharply to $1.2 billion. Overall, the article frames Amazon as a long-duration AI infrastructure bet with strong revenue momentum but near-term cash flow pressure.