Why This Billionaire Is Doubling Down on AMD and Nvidia (NVDA) Stocks—And Still Backing Big Banks

Silicon Valley’s chip wars just got a heavyweight backer. A billionaire investor is loading up on AMD and Nvidia shares—betting the AI boom still has legs—while oddly keeping faith with scandal-plagued banks. Guess old habits die hard.

The AI Gold Rush Isn’t Over

Nvidia’s GPUs remain the shovels of the AI era, and AMD’s catching up fast. Our mystery whale sees blood in the water—or at least, more room to run.

Banks? Really?

Yes, despite rate cuts and the occasional multi-billion dollar fine, someone still believes in too-big-to-fail magic. Nostalgia’s a hell of a drug.

Bottom line: When big money talks, markets listen—even when the playbook feels half-revolutionary, half-relic.

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At the same time, Alibaba (BABA) remained Appaloosa’s largest holding, even after an 8.7% reduction. It is now worth about $1.15 billion, making up 15.6% of the portfolio.

Further, Amazon (AMZN) continues to be the second-largest holding, though the fund trimmed its stake by 7.4%. Also, it exited positions in Intel (INTC) and Oracle (ORCL) stocks.

Whirlpool Becomes a Core Holding

The most eye-catching MOVE was Appaloosa’s massive bet on Whirlpool (WHR). The fund boosted its position to 5.50 million shares from 266,000 in Q2. As of September 30, the stake in WHR stock was worth $432.3 million, making it the third-largest holding in the portfolio.

This move comes even though Whirlpool stock is down 41% over the past year, underperforming the S&P 500 (SPX). Tepper’s move shows he sees potential in the struggling appliance maker, likely hoping for a rebound.

New Positions in Bank Stocks

Tepper’s filing shows a spike in interest in bank stocks. In the third quarter, Appaloosa acquired stakes in Truist Financial (TFC), KeyCorp (KEY), Citizens Financial (CFG), Comerica (CMA), and Zions (ZION).

Simultaneously, Tepper reduced his stake in the health insurance provider UnitedHealth (UNH) to 203,500 shares from 550,000 in Q2.

Which Is the Best AI Stock to Buy, According to Analysts?

Here’s a list of top-rated AI stocks, according to Wall Street analysts. Let’s compare them using the TipRanks Stock Comparison Tool to see which looks most attractive.