David Tepper Cuts Micron Stake as Value Hits $1.1 Billion

David Tepper trimmed his Micron stake after the memory company’s run pushed the position’s value sharply higher. According to a SEC filing cited by the article, Appaloosa sold 690,000 Micron Technology shares in Q2, reducing its stake from 1.665 million to 975,000—a cut of nearly 41%. Despite selling about half the shares, the remaining position grew in value, rising from about $562.5 million at March 31 to $1.1 billion by June 30. The surge tracks Micron’s stock jump, from roughly $338 per share to $1,154 over the same period, a 242% increase. Fundamental momentum also supported the rally: fiscal Q3 sales hit a record $41.46 billion, with adjusted EPS at $25.11 and adjusted gross margin of 84.9%. Management guided fiscal Q4 revenue to $50 billion. The article attributes demand primarily to AI memory using HBM and conventional DRAM shortages, alongside $22 billion in customer commitments and expectations of tight conditions beyond 2027. It also notes Appaloosa exited Sandisk completely.