Ken, re: Tepper article >>>>>>>>>>>>>>>>>>>>>>>>>>>>>
After that April 2025 article (which was looking back at Appaloosa’s Q4 2024 buying), Tepper’s fund has continued to add materially to its Qualcomm position.
Thanks for your comments
1) The article was in my AOL mail inbox this AM with the source apparently the Motley Fool and dated today?
Keith Speights, The Motley Fool
Wed, December 3, 2025 at 12:44 AM PST
2) Two Q&As with Copilot below
1) Since Schwab upgraded Qualcomm (QCOM) to an “A” rating and placed it in the top 1 percentile on November 10, 2025, the stock has traded higher overall, moving from the mid-160s to the mid-170s.
The move from ~$165 to ~$175 represents a ~6% gain in less than a month, validating Schwab’s bullish percentile ranking
?? Price Action Timeline
- Nov 10, 2025 (Upgrade Date): Schwab Equity Ratings lifted QCOM from “B” to “A” and ranked it in the top 1 percentile. (top 30 out of 3,000 covered)
- QCOM was trading around $165–166 at that time.
- Nov 26, 2025: Shares closed at $165.13, reflecting consolidation after the upgrade.
- Nov 28, 2025: Closed at $168.09, showing a modest rebound.
- Dec 2, 2025: Shares jumped 1.6% to $170.70 intraday high $171.17, following analyst upgrades from other firms.
- Dec 3, 2025 (current): QCOM trades at $175.07, up ~6% since the Schwab upgrade.
Observations
- The upgrade coincided with a reversal from a “C” rating held for most of the prior 6 months.
- Since then, QCOM has outperformed the broader semiconductor index, with momentum driven by analyst target hikes (TD Cowen, Piper Sandler, Mizuho).
- The move from ~$165 to ~$175 represents a ~6% gain in less than a month, validating Schwab’s bullish percentile ranking.
In short: QCOM has risen from ~$165 at the time of Schwab’s “A” upgrade to ~$175 today, a solid ~6% appreciation, with analyst support reinforcing the move.
2) Per Copilot Tepper resumed buying QCOM again in the Sept ’25 QTR, 1.245M shares.
David Tepper’s Appaloosa Management has significantly increased its Qualcomm (QCOM) position since 12/31/2024.
At year-end 2024, Appaloosa held 800,000 shares of QCOM. By Q3 2025, the fund had raised its stake to 1,245,000 shares, a 55% increase in share count and a 271% increase in market value.
Timeline of Appaloosa’s QCOM Position (12/31/2024 ? Q3 2025)
Date (SEC 13F)
| Shares Held
| Change vs. Prior
| Notes
| Dec 31, 2024
| 800,000
| —
| Baseline position
| Mar 31, 2025
| 350,000
| -450,000 (-56%)
| Trimmed stake
| Jun 30, 2025
| 350,000
| Flat
| Held steady
| Sep 30, 2025
| 1,245,000
| +895,000 (+256%)
| Large buy in Q3
| Nov 2025 filing
| 1,245,000
| Flat
| Position confirmed
| Key Observations
- Initial reduction in Q1 2025: Tepper cut the stake from 800k ? 350k shares.
- Massive re-entry in Q3 2025: Added 895k shares, bringing total to 1.245M.
- Portfolio impact: QCOM now represents ~2.8% of Appaloosa’s equity portfolio, worth ~$208M.
- Strategic pivot: Tepper sold down positions in Alphabet, Amazon, Intel, and Oracle, while loading up on Qualcomm as part of an AI/infrastructure bet.
Summary
Since 12/31/2024, Appaloosa’s QCOM position went from 800k shares ? 350k shares ? 1.245M shares. The net effect is a 55% increase in shares held and a tripling of portfolio value exposure. Qualcomm has become one of Tepper’s notable conviction plays in 2025. |
