Tepper's Q2 Portfolio: $1.19B Amazon Lead, Micron Trim, Meta/Google Adds

Tepper's Q2 disclosure, filed on August 14, 2026, captures a portfolio construction moment defined by disciplined capital rotation within a single thesis: AI infrastructure monetization. The filing reveals positions locked in at June 30, a snapshot that already anticipated summer volatility—Micron's subsequent 15.81% decline through mid-August validates Tepper's 41% trim as well-timed profit-taking, even as he retained the position because its $100 billion Strategic Customer Agreement backlog offers structural downside protection.

The common thread across all five holdings—Amazon, Micron, Meta, Alphabet, and NVIDIA—is their exposure to the AI capex cycle, but from different vantage points. Amazon and Google Cloud represent the demand side, with AWS's $496 billion backlog and Google Cloud's $514 billion backlog locking in multi-year revenue. NVIDIA is the supply-side pick-and-shovel play, with Data Center revenue hitting $75 billion (up 92%) and Q2 guidance at $91 billion. Micron, despite the share trim, remains the memory constraint—the structural bottleneck in scaling AI clusters. The exit from Microsoft, combined with fresh additions to Meta and Alphabet, signals Tepper's view that the hyperscaler duopoly (alongside Amazon) offers the cleanest exposure to demand-side monetization, while NVIDIA captures the supply-side moat.

Tepper's discipline in trimming winners into strength while pressing still-cheap positions—Alphabet added $157 million despite a 2.77% post-filing decline through August 14—offers a template. The portfolio's valuation is stretched (NVIDIA trades at 34x trailing P/E), but underpinned by locked-in backlogs measured in hundreds of billions, making the thesis defensible despite elevated multiples.