Billionaire investor David Tepper's hedge fund increased its bets on Chinese tech stocks during the first three months of 2024, while dialing back exposure to some key domestic names. Appaloosa Management's quarterly report on Wednesday showed that Alibaba is now its top holding after buying several hundred million dollars worth of shares.
Appaloosa still has sizable positions in American tech names, but trimmed many of them during the quarter, including Alphabet and Meta Platforms . The fund also revealed that it holds put options against Microsoft , which could indicate more selling in the second quarter. Outside of technology, Appaloosa exited a small position in hospital stock HCA Holdings and added a small position in Boeing .
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