Billionaire David Tepper Back On Apple Inc. (AAPL) Bandwagon

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The next tech stock in the portfolio of Appaloosa Management is a $181.69 million stake in the equity of the most popular search engine giant in the world – Google Inc (NASDAQ:GOOG). Over the second quarter of 2015, the fund cut its holding in the stock by 14%, finishing the first half of the year with 349,055 Class C shares. Recently, Google Inc. (NASDAQ:GOOG) announced its intention to create a holding company called Alphabet Inc. which will pool its many ventures, while separating its core web advertising business from its many other initiatives, which includes its Android mobile operating system, as well as its work on driverless cars. The unexpected news sent Google’s shares up by 5.6% following the announcement, adding to a very strong third quarter for the stock. After the first six months of the year, Ken Fisher‘s Fisher Asset Management held 822,275 Class A shares of Google Inc (NASDAQ:GOOGL) worth $456.12 million.

Tepper’s Alibaba Group Holding Ltd (NYSE:BABA) holding, worth $111.89 million, was a new investment for the billionaire during the second quarter. The 1.36 million shares of the e-commerce juggernaut formed 2.8% of the fund’s total equity holdings. After missing Wall Street revenue estimates for its first quarter of fiscal 2016, Alibaba Group Holding Ltd (NYSE:BABA)’s stock lost about 7% of its value on August 12 The Chinese company reported revenue of $3.27 billion, 28% higher than last year, but below the consensus estimate of $3.39 billion. The top line growth was the slowest in three years, and pushed the stock down to record lows of just $73.00, with shares down by nearly 30% this year and the company’s market cap dipping to $184.63 billion. Among the funds that we track, Viking Global,led by Andreas Halvorsen, is a prominent shareholder of Alibaba Group Holding Ltd (NYSE:BABA), though it reduced its holding in the company by 13% during the June quarter to 6.04 million shares valued at $497.05 million.

Disclosure: None

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