David Tepper Sold 41% of His Micron Shares and It Is Still His Second-Biggest Holding

David Tepper, the CEO of hedge fund Appaloosa Management, recently sold 41% of his Micron Technology holdings. Despite this reduction, Micron remains the hedge fund's second-largest position. In June, Appaloosa kept 975,000 shares worth about $1.13 billion, which made up around 15% of their portfolio. This position was more than double what they held in March and took up nearly 15% of the fund's holdings.

Micron's stock climbed from around $338 to $1,154 over the quarter, and the fund's remaining stake was worth nearly twice what it was in March. The sale was not a sign of a manager exiting the stock, but rather a way to keep their bet from growing too large. Micron's revenue reached $41.5 billion in the fiscal third quarter of 2026, up more than quadruple from the previous year and nearly doubling from the previous quarter.

The company's earnings have earned it a low price-to-earnings ratio, which usually indicates that the market expects future earnings to fall. Tepper views Micron as a hold, despite its large valuation, due to the company's enormous profits and the cyclicality of the memory industry.