Appaloosa Takes New Stake in Intel, Exits Wynn and Las Vegas Sands

David Tepper's Appaloosa Management disclosed its holdings as of June 30, 2025, including a new stake in Intel, RTX Corp, and Iqvia, and exits in Wynn Resorts, Las Vegas Sands, and Broadcom. Appaloosa increased its stake in UnitedHealth, Nvidia, TSMC, Amazon, and Micron, and reduced its stake in Alibaba, PDD, JD.com, and Oracle. Its top holdings were Alibaba, UnitedHealth, Amazon, Vistra, and NRG Energy.

Title: David Tepper's Appaloosa Management Updates Portfolio with New and Exiting Positions

David Tepper's Appaloosa Management has disclosed its holdings as of June 30, 2025, reflecting significant changes in its investment strategy. The firm has added new stakes in Intel, RTX Corp, and Iqvia, while exiting positions in Wynn Resorts, Las Vegas Sands, and Broadcom. Additionally, Appaloosa has increased its stakes in UnitedHealth, Nvidia, TSMC, Amazon, and Micron, and reduced its stakes in Alibaba, PDD, JD.com, and Oracle.

New Additions:
- Intel: Appaloosa has entered a new position in Intel, a technology giant known for its semiconductor products.
- RTX Corp: This new entry suggests a strategic focus on the gaming and graphics processing unit (GPU) market.
- Iqvia: A new stake in Iqvia, a biotechnology company, indicates a diversification into the healthcare sector.

Exits:
- Wynn Resorts: Appaloosa has exited its position in Wynn Resorts, a luxury casino resort operator, potentially due to market conditions or strategic realignment.
- Las Vegas Sands: The firm has sold its stake in Las Vegas Sands, a major casino operator, which might be attributed to performance concerns or strategic adjustments.
- Broadcom: Appaloosa has also exited its position in Broadcom, a semiconductor and software company, potentially due to changes in market dynamics.

Increased Stakes:
- UnitedHealth: Appaloosa has increased its stake in UnitedHealth, reflecting confidence in the healthcare sector.
- Nvidia: The firm has boosted its position in Nvidia, a leading technology company, indicating a belief in the growth potential of the semiconductor and graphics processing market.
- TSMC: Appaloosa has also increased its stake in TSMC, a major semiconductor manufacturer, suggesting a bullish outlook on the semiconductor industry.
- Amazon: The firm has augmented its stake in Amazon, indicating a continued belief in the e-commerce and cloud computing giant.
- Micron: Appaloosa has increased its position in Micron, a leading semiconductor company, reflecting confidence in the memory chip market.

Reduced Stakes:
- Alibaba: Appaloosa has reduced its stake in Alibaba, potentially due to regulatory concerns or market performance.
- PDD: The firm has also decreased its position in PDD, a Chinese e-commerce company, likely due to market conditions or strategic considerations.
- JD.com: Appaloosa has reduced its stake in JD.com, another Chinese e-commerce giant, potentially due to similar reasons.
- Oracle: The firm has decreased its position in Oracle, a software and technology company, possibly due to market dynamics or strategic adjustments.

Top Holdings:
As of June 30, 2025, Appaloosa's top holdings were Alibaba, UnitedHealth, Amazon, Vistra, and NRG Energy. These holdings reflect a diversified investment strategy across various sectors, including technology, healthcare, and energy.

NRG Energy:
Appaloosa's continued investment in NRG Energy highlights its belief in the renewable energy sector. NRG Energy reported strong financial performance in Q2 2025, with adjusted earnings per share of $1.73, reflecting an 8% year-over-year growth after asset adjustments. The company secured long-term power deals with data centers, validating its gas-fired power strategy. The T.H. Wharton project, funded by the Texas Energy Fund, is set to advance grid reliability with completion expected in mid-2026. NRG's Residential Virtual Power Plant (VPP) has also exceeded initial expectations, with adoption rates 15 percentage points ahead of plan, driving capacity goals from 20 megawatts to 150 megawatts for 2025.

References:
[1] https://www.marketbeat.com/instant-alerts/filing-vanguard-group-inc-has-159-billion-stake-in-las-vegas-sands-corp-nyselvs-2025-08-10/
[2] https://www.ainvest.com/news/nrg-energy-2025-q2-earnings-call-discrepancies-data-center-margins-load-timelines-tax-implications-2508/