Asia Tech Wire (Aug 15) -- David Tepper, founder of Appaloosa Management and a prominent hedge fund manager, has slashed his Nvidia holdings as he continues to bet on Chinese assets, according to a new 13F filing.

Appaloosa cut its stake in Alibaba by about 7% in the second quarter of 2024, but Alibaba remains the fund's largest position, accounting for 12% of its $6.2 billion equity portfolio.

Tepper also adjusted his investments in other Chinese companies, adding to his holdings in JD.com, KE Holdings and two China ETFs, while reducing his holdings in Pinduoduo and Baidu.

In addition, he continued to cut his exposure to U.S. technology companies, including Amazon, Microsoft and Meta Platforms.

He reduced his stake in Nvidia by 84% to $85 million in the quarter, down to 1.4% of his overall portfolio.