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David Tepper’s Appaloosa Management established a new position in AI cloud infrastructure provider CoreWeave during the second quarter, as the hedge fund reshaped its exposure to some of the biggest beneficiaries of the artificial intelligence boom.
Appaloosa ranks 45th on the AFI $10bn+ Power List of the largest hedge fund managers by AuM.
Appaloosa acquired around 1.08 million CoreWeave shares, worth approximately $107m at the end of June, according to its latest regulatory filing. The investment was among six new positions in the firm’s roughly $7.5bn disclosed US equity portfolio.
The purchase came alongside a broader rotation within Appaloosa’s technology holdings. The manager cut its position in memory-chip maker Micron by around 41% and exited SanDisk, while adding Broadcom and increasing positions in Nvidia, TSMC, Amazon, Alphabet and Meta.
AI infrastructure exposure
CoreWeave has emerged as one of the most closely watched companies in the AI infrastructure build-out, providing cloud computing capacity built around high-performance GPUs.
The company reported second-quarter revenue of $2.58bn, more than double the previous year, while its contracted revenue backlog reached $104.2bn.