David Tepper Cuts Micron Stake as Value Hits $1.1 Billion

David Tepper’s Appaloosa trimmed its Micron Technology (MU) position in the second quarter even as the stock’s value surged. At the end of March, Appaloosa held 1.67 million shares worth about $562.5 million. During Q2, it sold 690,000 shares, cutting the stake by nearly 41%, to 975,000 shares. Despite the reduction in shares, the remaining position grew dramatically, reaching about $1.1 billion by June 30. The article links the apparent mismatch to Micron’s rally: based on quarter-end filing values, the share price rose from roughly $338 at March 31 to about $1,154 at June 30, a gain of about 242%. The move was supported by record fiscal Q3 sales of $41.46 billion and guidance for fiscal Q4 revenue of $50 billion, above expectations.