PaperPanda Fund Terminal
David Tepper
APPALOOSA LP · CIK: 1656456 · Report Period: 2025-12-31 · Filed: 2026-02-17
Portfolio Concentration
Top 10 holdings by weight — hover for cross-investor insights
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Holdings
Total: $6,925,020,650 · 38 positions
| # | Ticker | Issuer | Class | % of Portfolio | Value ($) | Shares | Activity | Share Change |
|---|---|---|---|---|---|---|---|---|
| 1 |
 BABA
|
ALIBABA GROUP HLDG LTD | COM | 10.9% | $753,117,926 | 5,137,931 | REDUCE | -1,312,069 |
| 2 |
 GOOG
|
ALPHABET INC | COM | 8.1% | $560,738,948 | 1,786,931 | ADD | +399,431 |
| 3 |
 AMZN
|
AMAZON COM INC | COM | 7.3% | $503,047,031 | 2,179,391 | REDUCE | -320,609 |
| 4 |
 MU
|
MICRON TECHNOLOGY INC | COM | 7.2% | $499,467,500 | 1,750,000 | ADD | +1,250,000 |
| 5 |
 META
|
META PLATFORMS INC | COM | 5.7% | $396,054,000 | 600,000 | ADD | +230,000 |
| 6 |
 TSM
|
TAIWAN SEMICONDUCTOR MFG LTD | COM | 5.0% | $343,395,700 | 1,130,000 | ADD | +70,000 |
| 7 |
 NVDA
|
NVIDIA CORPORATION | COM | 4.6% | $317,050,000 | 1,700,000 | REDUCE | -200,000 |
| 8 |
 WHR
|
WHIRLPOOL CORP | COM | 4.1% | $282,067,400 | 3,910,000 | REDUCE | -1,590,000 |
| 9 |
 NRG
|
NRG ENERGY INC | COM | 3.8% | $261,153,600 | 1,640,000 | REDUCE | -230,000 |
| 10 |
 MSFT
|
MICROSOFT CORP | COM | 3.5% | $241,810,000 | 500,000 | ADD | +37,500 |
| 11 |
 AAL
|
AMERICAN AIRLS GROUP INC | COM | 3.1% | $216,919,500 | 14,150,000 | ADD | +4,900,000 |
| 12 |
 PDD
|
PDD HOLDINGS INC | COM | 2.9% | $201,267,250 | 1,775,000 | REDUCE | -25,000 |
| 13 |
 QCOM
|
QUALCOMM INC | COM | 2.8% | $195,852,250 | 1,145,000 | REDUCE | -100,000 |
| 14 |
 EWY
|
ISHARES INC | COM | 2.6% | $182,287,500 | 1,875,000 | NEW BUY | +1,875,000 |
| 15 |
 KWEB
|
KRANESHARES TRUST | COM | 2.3% | $161,737,500 | 4,750,000 | REDUCE | -2,650,000 |
| 16 |
 VSTE
|
VISTRA CORP | COM | 2.2% | $152,456,850 | 945,000 | REDUCE | -300,000 |
| 17 |
 UBER
|
UBER TECHNOLOGIES INC | COM | 2.2% | $151,163,500 | 1,850,000 | REDUCE | -556,983 |
| 18 |
 GLW
|
CORNING INC | COM | 2.0% | $137,486,712 | 1,570,200 | REDUCE | -54,800 |
| 19 |
 DB
|
DEUTSCHE BANK A G | COM | 1.8% | $121,464,000 | 3,150,000 | REDUCE | -640,000 |
| 20 |
 JD
|
JD.COM INC | COM | 1.7% | $119,307,220 | 4,157,046 | REDUCE | -2,067,954 |
| 21 |
 OC
|
OWENS CORNING NEW | COM | 1.5% | $106,314,500 | 950,000 | ADD | +788,500 |
| 22 |
 RTX
|
RTX CORPORATION | COM | 1.3% | $91,700,000 | 500,000 | REDUCE | -9,500 |
| 23 |
 LHX
|
L3HARRIS TECHNOLOGIES INC | COM | 1.2% | $86,603,150 | 295,000 | REDUCE | -5,000 |
| 24 |
 BIDU
|
BAIDU INC | COM | 1.1% | $75,129,500 | 575,000 | REDUCE | -470,000 |
| 25 |
 MHK
|
MOHAWK INDS INC | COM | 1.1% | $73,777,500 | 675,000 | ADD | +513,500 |
Position Changes
8 quarters available
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | PDD | PDD HOLDINGS INC | REDUCE | -25,000 | -1.4% | 1,775,000 | $201,267,250 |
| 2 | FXI | ISHARES TR | REDUCE | -22,500 | -2.0% | 1,087,500 | $41,640,375 |
| 3 | - | WESTERN ALLIANCE BANCORP | SOLD | -195,000 | Exit | - | - |
| 4 | MHK | MOHAWK INDS INC | ADD | +513,500 | +318.0% | 675,000 | $73,777,500 |
| 5 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | ADD | +70,000 | +6.6% | 1,130,000 | $343,395,700 |
| 6 | GOOG | ALPHABET INC | ADD | +399,431 | +28.8% | 1,786,931 | $560,738,948 |
| 7 | NVDA | NVIDIA CORPORATION | REDUCE | -200,000 | -10.5% | 1,700,000 | $317,050,000 |
| 8 | VSTE | VISTRA CORP | REDUCE | -300,000 | -24.1% | 945,000 | $152,456,850 |
| 9 | - | ZIONS BANCORPORATION N A | SOLD | -285,000 | Exit | - | - |
| 10 | JD | JD.COM INC | REDUCE | -2,067,954 | -33.2% | 4,157,046 | $119,307,220 |
| 11 | UNH | UNITEDHEALTH GROUP INC | REDUCE | -3,500 | -1.7% | 200,000 | $66,022,000 |
| 12 | DAL | DELTA AIR LINES INC DEL | ADD | +12,500 | +2.7% | 475,000 | $32,965,000 |
| 13 | BIDU | BAIDU INC | REDUCE | -470,000 | -45.0% | 575,000 | $75,129,500 |
| 14 | OC | OWENS CORNING NEW | ADD | +788,500 | +488.2% | 950,000 | $106,314,500 |
| 15 | MSFT | MICROSOFT CORP | ADD | +37,500 | +8.1% | 500,000 | $241,810,000 |
| 16 | WHR | WHIRLPOOL CORP | REDUCE | -1,590,000 | -28.9% | 3,910,000 | $282,067,400 |
| 17 | - | CAESARS ENTERTAINMENT INC NE | SOLD | -2,100,000 | Exit | - | - |
| 18 | - | FISERV INC | SOLD | -925,000 | Exit | - | - |
| 19 | ASML | ASML HOLDING N V | REDUCE | -1,500 | -2.3% | 62,500 | $66,866,250 |
| 20 | AAL | AMERICAN AIRLS GROUP INC | ADD | +4,900,000 | +53.0% | 14,150,000 | $216,919,500 |
| 21 | BABA | ALIBABA GROUP HLDG LTD | REDUCE | -1,312,069 | -20.3% | 5,137,931 | $753,117,926 |
| 22 | BALL | BALL CORP | NEW BUY | +1,200,000 | New | 1,200,000 | $63,564,000 |
| 23 | LRCX | LAM RESEARCH CORP | ADD | +55,000 | +14.9% | 425,000 | $72,751,500 |
| 24 | LYFT | LYFT INC | REDUCE | -1,800,000 | -32.1% | 3,800,000 | $73,606,000 |
| 25 | ET | ENERGY TRANSFER L P | REDUCE | -2,765,985 | -55.8% | 2,191,250 | $36,133,713 |
| 26 | - | COMERICA INC | SOLD | -462,500 | Exit | - | - |
| 27 | MPLX | MPLX LP | ADD | +92,500 | +17.3% | 627,500 | $33,489,675 |
| 28 | LHX | L3HARRIS TECHNOLOGIES INC | REDUCE | -5,000 | -1.7% | 295,000 | $86,603,150 |
| 29 | - | CITIZENS FINL GROUP INC | SOLD | -600,000 | Exit | - | - |
| 30 | GLW | CORNING INC | REDUCE | -54,800 | -3.4% | 1,570,200 | $137,486,712 |
| 31 | DB | DEUTSCHE BANK A G | REDUCE | -640,000 | -16.9% | 3,150,000 | $121,464,000 |
| 32 | NRG | NRG ENERGY INC | REDUCE | -230,000 | -12.3% | 1,640,000 | $261,153,600 |
| 33 | IQV | IQVIA HLDGS INC | REDUCE | -5,000 | -1.8% | 280,000 | $63,114,800 |
| 34 | AMZN | AMAZON COM INC | REDUCE | -320,609 | -12.8% | 2,179,391 | $503,047,031 |
| 35 | AMD | ADVANCED MICRO DEVICES INC | REDUCE | -625,000 | -65.8% | 325,000 | $69,602,000 |
| 36 | - | KEYCORP | SOLD | -2,020,000 | Exit | - | - |
| 37 | KWEB | KRANESHARES TRUST | REDUCE | -2,650,000 | -35.8% | 4,750,000 | $161,737,500 |
| 38 | - | TRUIST FINL CORP | SOLD | -1,387,500 | Exit | - | - |
| 39 | RTX | RTX CORPORATION | REDUCE | -9,500 | -1.9% | 500,000 | $91,700,000 |
| 40 | GT | GOODYEAR TIRE & RUBR CO | REDUCE | -2,640,000 | -51.4% | 2,500,000 | $21,900,000 |
| 41 | EWY | ISHARES INC | NEW BUY | +1,875,000 | New | 1,875,000 | $182,287,500 |
| 42 | UBER | UBER TECHNOLOGIES INC | REDUCE | -556,983 | -23.1% | 1,850,000 | $151,163,500 |
| 43 | META | META PLATFORMS INC | ADD | +230,000 | +62.2% | 600,000 | $396,054,000 |
| 44 | MU | MICRON TECHNOLOGY INC | ADD | +1,250,000 | +250.0% | 1,750,000 | $499,467,500 |
| 45 | UAL | UNITED AIRLS HLDGS INC | ADD | +2,500 | +0.5% | 465,000 | $51,996,300 |
| 46 | - | BLOCK INC | SOLD | -370,000 | Exit | - | - |
| 47 | QCOM | QUALCOMM INC | REDUCE | -100,000 | -8.0% | 1,145,000 | $195,852,250 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | PDD | PDD HOLDINGS INC | REDUCE | -200,000 | -10.0% | 1,800,000 | $237,906,000 |
| 2 | FXI | ISHARES TR | ADD | +110,000 | +11.0% | 1,110,000 | $45,665,400 |
| 3 | - | WESTERN ALLIANCE BANCORP | NEW BUY | +195,000 | New | 195,000 | $16,910,400 |
| 4 | MHK | MOHAWK INDS INC | ADD | +96,500 | +148.5% | 161,500 | $20,820,580 |
| 5 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | ADD | +35,000 | +3.4% | 1,060,000 | $296,047,400 |
| 6 | GOOG | ALPHABET INC | REDUCE | -112,500 | -7.5% | 1,387,500 | $337,925,625 |
| 7 | NVDA | NVIDIA CORPORATION | ADD | +150,000 | +8.6% | 1,900,000 | $354,502,000 |
| 8 | VSTE | VISTRA CORP | REDUCE | -555,000 | -30.8% | 1,245,000 | $243,920,400 |
| 9 | - | ZIONS BANCORPORATION N A | NEW BUY | +285,000 | New | 285,000 | $16,125,300 |
| 10 | - | INTEL CORP | SOLD | -8,000,000 | Exit | - | - |
| 11 | JD | JD.COM INC | REDUCE | -775,000 | -11.1% | 6,225,000 | $217,750,500 |
| 12 | - | KE HLDGS INC | SOLD | -1,500,000 | Exit | - | - |
| 13 | UNH | UNITEDHEALTH GROUP INC | REDUCE | -2,246,500 | -91.7% | 203,500 | $70,268,550 |
| 14 | DAL | DELTA AIR LINES INC DEL | REDUCE | -87,500 | -15.9% | 462,500 | $26,246,875 |
| 15 | BIDU | BAIDU INC | ADD | +420,000 | +67.2% | 1,045,000 | $137,699,650 |
| 16 | OC | OWENS CORNING NEW | NEW BUY | +161,500 | New | 161,500 | $22,845,790 |
| 17 | MSFT | MICROSOFT CORP | REDUCE | -37,500 | -7.5% | 462,500 | $239,551,875 |
| 18 | WHR | WHIRLPOOL CORP | ADD | +5,233,908 | +1967.0% | 5,500,000 | $432,300,000 |
| 19 | - | FISERV INC | NEW BUY | +925,000 | New | 925,000 | $119,260,250 |
| 20 | ASML | ASML HOLDING N V | REDUCE | -6,000 | -8.6% | 64,000 | $61,957,760 |
| 21 | AAL | AMERICAN AIRLS GROUP INC | NEW BUY | +9,250,000 | New | 9,250,000 | $103,970,000 |
| 22 | BABA | ALIBABA GROUP HLDG LTD | REDUCE | -617,271 | -8.7% | 6,450,000 | $1,152,808,500 |
| 23 | LRCX | LAM RESEARCH CORP | REDUCE | -30,000 | -7.5% | 370,000 | $49,543,000 |
| 24 | LYFT | LYFT INC | REDUCE | -2,400,000 | -30.0% | 5,600,000 | $123,256,000 |
| 25 | - | COMERICA INC | NEW BUY | +462,500 | New | 462,500 | $31,690,500 |
| 26 | MPLX | MPLX LP | REDUCE | -43,500 | -7.5% | 535,000 | $26,723,250 |
| 27 | LHX | L3HARRIS TECHNOLOGIES INC | REDUCE | -50,000 | -14.3% | 300,000 | $91,623,000 |
| 28 | - | CITIZENS FINL GROUP INC | NEW BUY | +600,000 | New | 600,000 | $31,896,000 |
| 29 | GLW | CORNING INC | REDUCE | -125,000 | -7.1% | 1,625,000 | $133,298,750 |
| 30 | DB | DEUTSCHE BANK A G | REDUCE | -210,000 | -5.2% | 3,790,000 | $134,203,900 |
| 31 | NRG | NRG ENERGY INC | REDUCE | -110,000 | -5.6% | 1,870,000 | $302,846,500 |
| 32 | - | ORACLE CORP | SOLD | -150,000 | Exit | - | - |
| 33 | IQV | IQVIA HLDGS INC | REDUCE | -15,000 | -5.0% | 285,000 | $54,132,900 |
| 34 | AMZN | AMAZON COM INC | REDUCE | -200,000 | -7.4% | 2,500,000 | $548,925,000 |
| 35 | AMD | ADVANCED MICRO DEVICES INC | NEW BUY | +950,000 | New | 950,000 | $153,700,500 |
| 36 | KWEB | KRANESHARES TRUST | ADD | +3,400,000 | +85.0% | 7,400,000 | $310,874,000 |
| 37 | - | TRUIST FINL CORP | NEW BUY | +1,387,500 | New | 1,387,500 | $63,436,500 |
| 38 | RTX | RTX CORPORATION | REDUCE | -75,500 | -12.9% | 509,500 | $85,254,635 |
| 39 | GT | GOODYEAR TIRE & RUBR CO | ADD | +4,278,218 | +496.4% | 5,140,000 | $38,447,200 |
| 40 | QCOM | QUALCOMM INC | ADD | +895,000 | +255.7% | 1,245,000 | $207,118,200 |
| 41 | UBER | UBER TECHNOLOGIES INC | REDUCE | -343,017 | -12.5% | 2,406,983 | $235,812,125 |
| 42 | META | META PLATFORMS INC | REDUCE | -30,000 | -7.5% | 370,000 | $271,720,600 |
| 43 | MU | MICRON TECHNOLOGY INC | REDUCE | -325,000 | -39.4% | 500,000 | $83,660,000 |
| 44 | UAL | UNITED AIRLS HLDGS INC | REDUCE | -87,500 | -15.9% | 462,500 | $44,631,250 |
| 45 | - | BLOCK INC | REDUCE | -271,800 | -42.3% | 370,000 | $26,739,900 |
| 46 | - | KEYCORP | NEW BUY | +2,020,000 | New | 2,020,000 | $37,753,800 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | PDD | PDD HOLDINGS INC | REDUCE | -2,370,000 | -54.2% | 2,000,000 | $209,320,000 |
| 2 | LYFT | LYFT INC | REDUCE | -1,000,000 | -11.1% | 8,000,000 | $126,080,000 |
| 3 | FXI | ISHARES TR | REDUCE | -4,600,000 | -82.1% | 1,000,000 | $36,760,000 |
| 4 | LHX | L3HARRIS TECHNOLOGIES INC | ADD | +50,000 | +16.7% | 350,000 | $87,794,000 |
| 5 | MHK | MOHAWK INDS INC | NEW BUY | +65,000 | New | 65,000 | $6,814,600 |
| 6 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | ADD | +755,000 | +279.6% | 1,025,000 | $232,152,250 |
| 7 | GOOG | ALPHABET INC | REDUCE | -510,000 | -25.4% | 1,500,000 | $266,085,000 |
| 8 | GLW | CORNING INC | ADD | +6,371 | +0.4% | 1,750,000 | $92,032,500 |
| 9 | DB | DEUTSCHE BANK A G | ADD | +250,000 | +6.7% | 4,000,000 | $117,120,000 |
| 10 | NVDA | NVIDIA CORPORATION | ADD | +1,450,000 | +483.3% | 1,750,000 | $276,482,500 |
| 11 | VSTE | VISTRA CORP | REDUCE | -500,000 | -21.7% | 1,800,000 | $348,858,000 |
| 12 | NRG | NRG ENERGY INC | REDUCE | -70,000 | -3.4% | 1,980,000 | $317,948,400 |
| 13 | - | INTEL CORP | NEW BUY | +8,000,000 | New | 8,000,000 | $179,200,000 |
| 14 | - | ORACLE CORP | REDUCE | -550,000 | -78.6% | 150,000 | $32,794,500 |
| 15 | JD | JD.COM INC | REDUCE | -1,050,000 | -13.0% | 7,000,000 | $228,480,000 |
| 16 | - | KE HLDGS INC | REDUCE | -400,000 | -21.1% | 1,500,000 | $26,610,000 |
| 17 | UNH | UNITEDHEALTH GROUP INC | ADD | +2,275,000 | +1300.0% | 2,450,000 | $764,326,500 |
| 18 | - | APPLE INC | SOLD | -1,250,000 | Exit | - | - |
| 19 | - | SPDR SER TR | SOLD | -4,500,000 | Exit | - | - |
| 20 | DAL | DELTA AIR LINES INC DEL | NEW BUY | +550,000 | New | 550,000 | $27,049,000 |
| 21 | IQV | IQVIA HLDGS INC | NEW BUY | +300,000 | New | 300,000 | $47,277,000 |
| 22 | BIDU | BAIDU INC | REDUCE | -150,000 | -19.4% | 625,000 | $53,600,000 |
| 23 | AMZN | AMAZON COM INC | ADD | +190,000 | +7.6% | 2,700,000 | $592,353,000 |
| 24 | MSFT | MICROSOFT CORP | REDUCE | -10,000 | -2.0% | 500,000 | $248,705,000 |
| 25 | - | WYNN RESORTS LTD | SOLD | -320,000 | Exit | - | - |
| 26 | WHR | WHIRLPOOL CORP | NEW BUY | +266,092 | New | 266,092 | $26,987,051 |
| 27 | - | VANECK ETF TRUST | SOLD | -100,000 | Exit | - | - |
| 28 | - | EXPAND ENERGY CORPORATION | SOLD | -65,398 | Exit | - | - |
| 29 | - | BROADCOM INC | SOLD | -130,000 | Exit | - | - |
| 30 | RTX | RTX CORPORATION | NEW BUY | +585,000 | New | 585,000 | $85,421,700 |
| 31 | - | EXPAND ENERGY CORPORATION | SOLD | -117,321 | Exit | - | - |
| 32 | - | CAESARS ENTERTAINMENT INC NE | REDUCE | -100,000 | -4.5% | 2,100,000 | $59,619,000 |
| 33 | GT | GOODYEAR TIRE & RUBR CO | NEW BUY | +861,782 | New | 861,782 | $8,936,679 |
| 34 | UBER | UBER TECHNOLOGIES INC | REDUCE | -450,000 | -14.1% | 2,750,000 | $256,575,000 |
| 35 | META | META PLATFORMS INC | REDUCE | -150,000 | -27.3% | 400,000 | $295,236,000 |
| 36 | MU | MICRON TECHNOLOGY INC | ADD | +425,000 | +106.2% | 825,000 | $101,681,250 |
| 37 | UAL | UNITED AIRLS HLDGS INC | NEW BUY | +550,000 | New | 550,000 | $43,796,500 |
| 38 | - | BLOCK INC | ADD | +566,800 | +755.7% | 641,800 | $43,597,474 |
| 39 | BABA | ALIBABA GROUP HLDG LTD | REDUCE | -2,162,729 | -23.4% | 7,067,271 | $801,499,204 |
| 40 | - | LAS VEGAS SANDS CORP | SOLD | -590,000 | Exit | - | - |
| 41 | LRCX | LAM RESEARCH CORP | REDUCE | -100,000 | -20.0% | 400,000 | $38,936,000 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | PDD | PDD HOLDINGS INC | REDUCE | -986,132 | -18.4% | 4,370,000 | $517,189,500 |
| 2 | LYFT | LYFT INC | REDUCE | -4,500,000 | -33.3% | 9,000,000 | $106,830,000 |
| 3 | FXI | ISHARES TR | REDUCE | -1,037,128 | -15.6% | 5,600,000 | $200,704,000 |
| 4 | ET | ENERGY TRANSFER L P | ADD | +42,500 | +0.9% | 4,957,235 | $92,154,999 |
| 5 | - | EQT CORP | SOLD | -800,000 | Exit | - | - |
| 6 | LHX | L3HARRIS TECHNOLOGIES INC | NEW BUY | +300,000 | New | 300,000 | $62,793,000 |
| 7 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | ADD | +20,000 | +8.0% | 270,000 | $44,820,000 |
| 8 | - | FEDEX CORP | SOLD | -350,000 | Exit | - | - |
| 9 | GOOG | ALPHABET INC | ADD | +128,037 | +6.8% | 2,010,000 | $314,022,300 |
| 10 | GLW | CORNING INC | ADD | +243,629 | +16.2% | 1,743,629 | $79,823,336 |
| 11 | DB | DEUTSCHE BANK A G | NEW BUY | +3,750,000 | New | 3,750,000 | $89,362,500 |
| 12 | NVDA | NVIDIA CORPORATION | REDUCE | -380,001 | -55.9% | 300,000 | $32,514,000 |
| 13 | VSTE | VISTRA CORP | REDUCE | -400,000 | -14.8% | 2,300,000 | $270,112,000 |
| 14 | NRG | NRG ENERGY INC | ADD | +235,000 | +12.9% | 2,050,000 | $195,693,000 |
| 15 | - | ORACLE CORP | REDUCE | -700,000 | -50.0% | 700,000 | $97,867,000 |
| 16 | - | EXPAND ENERGY CORPORATION | SOLD | -295,000 | Exit | - | - |
| 17 | - | INTEL CORP | SOLD | -1,000,000 | Exit | - | - |
| 18 | JD | JD.COM INC | REDUCE | -2,415,885 | -23.1% | 8,050,000 | $331,016,000 |
| 19 | - | KE HLDGS INC | REDUCE | -674,074 | -26.2% | 1,900,000 | $38,171,000 |
| 20 | - | ANTERO RESOURCES CORP | SOLD | -840,000 | Exit | - | - |
| 21 | - | APPLE INC | NEW BUY | +1,250,000 | New | 1,250,000 | $277,662,500 |
| 22 | - | SPDR SER TR | NEW BUY | +4,500,000 | New | 4,500,000 | $2,517,255,000 |
| 23 | UNH | UNITEDHEALTH GROUP INC | ADD | +500 | +0.3% | 175,000 | $91,656,250 |
| 24 | BIDU | BAIDU INC | REDUCE | -752,909 | -49.3% | 775,000 | $71,323,250 |
| 25 | AMZN | AMAZON COM INC | REDUCE | -90,000 | -3.5% | 2,510,000 | $477,552,600 |
| 26 | MSFT | MICROSOFT CORP | REDUCE | -460,000 | -47.4% | 510,000 | $191,448,900 |
| 27 | - | WYNN RESORTS LTD | REDUCE | -180,000 | -36.0% | 320,000 | $26,720,000 |
| 28 | - | VANECK ETF TRUST | NEW BUY | +100,000 | New | 100,000 | $21,147,000 |
| 29 | - | EXPAND ENERGY CORPORATION | REDUCE | -84,602 | -56.4% | 65,398 | $6,460,014 |
| 30 | AMD | ADVANCED MICRO DEVICES INC | SOLD | -1,200,000 | Exit | - | - |
| 31 | - | BROADCOM INC | NEW BUY | +130,000 | New | 130,000 | $21,765,900 |
| 32 | KWEB | KRANESHARES TRUST | REDUCE | -575,695 | -12.6% | 4,000,000 | $139,640,000 |
| 33 | - | EXPAND ENERGY CORPORATION | REDUCE | -132,679 | -53.1% | 117,321 | $12,348,035 |
| 34 | ASML | ASML HOLDING N V | REDUCE | -90,000 | -56.2% | 70,000 | $46,384,100 |
| 35 | UBER | UBER TECHNOLOGIES INC | ADD | +1,700,000 | +113.3% | 3,200,000 | $233,152,000 |
| 36 | META | META PLATFORMS INC | ADD | +60,000 | +12.2% | 550,000 | $316,998,000 |
| 37 | MU | MICRON TECHNOLOGY INC | REDUCE | -800,000 | -66.7% | 400,000 | $34,756,000 |
| 38 | - | LAS VEGAS SANDS CORP | REDUCE | -310,000 | -34.4% | 590,000 | $22,791,700 |
| 39 | BABA | ALIBABA GROUP HLDG LTD | REDUCE | -2,613,158 | -22.1% | 9,230,000 | $1,220,482,900 |
| 40 | - | BLOCK INC | NEW BUY | +75,000 | New | 75,000 | $4,074,750 |
| 41 | LRCX | LAM RESEARCH CORP | REDUCE | -750,000 | -60.0% | 500,000 | $36,350,000 |
| 42 | QCOM | QUALCOMM INC | REDUCE | -450,000 | -56.2% | 350,000 | $53,763,500 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | PDD | PDD HOLDINGS INC | ADD | +55,000 | +1.0% | 5,356,132 | $519,491,243 |
| 2 | LYFT | LYFT INC | REDUCE | -2,250,000 | -14.3% | 13,500,000 | $174,150,000 |
| 3 | FXI | ISHARES TR | ADD | +802,128 | +13.7% | 6,637,128 | $202,034,176 |
| 4 | ET | ENERGY TRANSFER L P | REDUCE | -1,913,265 | -28.0% | 4,914,735 | $96,279,659 |
| 5 | - | EQT CORP | REDUCE | -995,000 | -55.4% | 800,000 | $36,888,000 |
| 6 | - | FEDEX CORP | REDUCE | -25,000 | -6.7% | 350,000 | $98,465,500 |
| 7 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | REDUCE | -150,000 | -37.5% | 250,000 | $49,372,500 |
| 8 | - | LAM RESEARCH CORP | SOLD | -100,000 | Exit | - | - |
| 9 | GOOG | ALPHABET INC | REDUCE | -1 | -0.0% | 1,881,963 | $358,401,034 |
| 10 | GLW | CORNING INC | NEW BUY | +1,500,000 | New | 1,500,000 | $71,280,000 |
| 11 | NVDA | NVIDIA CORPORATION | ADD | +55,001 | +8.8% | 680,001 | $91,317,334 |
| 12 | VSTE | VISTRA CORP | ADD | +1,429,612 | +112.5% | 2,700,000 | $372,249,000 |
| 13 | - | ORACLE CORP | REDUCE | -173,394 | -11.0% | 1,400,000 | $233,296,000 |
| 14 | NRG | NRG ENERGY INC | ADD | +815,180 | +81.5% | 1,815,000 | $163,749,300 |
| 15 | - | EXPAND ENERGY CORPORATION | ADD | +130,000 | +78.8% | 295,000 | $29,367,250 |
| 16 | - | INTEL CORP | REDUCE | -1,500,000 | -60.0% | 1,000,000 | $20,050,000 |
| 17 | JD | JD.COM INC | ADD | +3,165,885 | +43.4% | 10,465,885 | $362,852,233 |
| 18 | - | KE HLDGS INC | ADD | +399,074 | +18.3% | 2,574,074 | $47,414,443 |
| 19 | - | ANTERO RESOURCES CORP | REDUCE | -905,000 | -51.9% | 840,000 | $29,442,000 |
| 20 | BIDU | BAIDU INC | ADD | +102,909 | +7.2% | 1,527,909 | $128,818,008 |
| 21 | AMZN | AMAZON COM INC | REDUCE | -600,000 | -18.8% | 2,600,000 | $570,414,000 |
| 22 | - | WYNN RESORTS LTD | REDUCE | -300,000 | -37.5% | 500,000 | $43,080,000 |
| 23 | AMD | ADVANCED MICRO DEVICES INC | ADD | +65,000 | +5.7% | 1,200,000 | $144,948,000 |
| 24 | KWEB | KRANESHARES TRUST | ADD | +810,695 | +21.5% | 4,575,695 | $133,793,322 |
| 25 | - | CAESARS ENTERTAINMENT INC NE | ADD | +50,000 | +2.3% | 2,200,000 | $73,524,000 |
| 26 | ASML | ASML HOLDING N V | ADD | +82,500 | +106.5% | 160,000 | $110,892,800 |
| 27 | UBER | UBER TECHNOLOGIES INC | ADD | +90,000 | +6.4% | 1,500,000 | $90,480,000 |
| 28 | - | ADOBE INC | SOLD | -200,000 | Exit | - | - |
| 29 | META | META PLATFORMS INC | REDUCE | -135,000 | -21.6% | 490,000 | $286,899,900 |
| 30 | MU | MICRON TECHNOLOGY INC | ADD | +150,000 | +14.3% | 1,200,000 | $100,992,000 |
| 31 | - | LAS VEGAS SANDS CORP | REDUCE | -628,323 | -41.1% | 900,000 | $46,224,000 |
| 32 | BABA | ALIBABA GROUP HLDG LTD | ADD | +1,843,158 | +18.4% | 11,843,158 | $1,004,181,367 |
| 33 | - | SOUTHWESTRERN ENERGY CO | SOLD | -4,180,000 | Exit | - | - |
| 34 | LRCX | LAM RESEARCH CORP | NEW BUY | +1,250,000 | New | 1,250,000 | $90,287,500 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | PDD | PDD HOLDINGS INC | ADD | +3,361,132 | +173.3% | 5,301,132 | $714,645,605 |
| 2 | LYFT | LYFT INC | ADD | +7,788,743 | +97.8% | 15,750,000 | $200,812,500 |
| 3 | FXI | ISHARES TR | REDUCE | -1,105,000 | -15.9% | 5,835,000 | $185,436,300 |
| 4 | ET | ENERGY TRANSFER L P | REDUCE | -876,428 | -11.4% | 6,828,000 | $109,589,400 |
| 5 | - | MACYS INC | SOLD | -1,265,000 | Exit | - | - |
| 6 | MPLX | MPLX LP | REDUCE | -33,000 | -5.4% | 578,500 | $25,720,110 |
| 7 | - | EQT CORP | REDUCE | -110,000 | -5.8% | 1,795,000 | $65,768,800 |
| 8 | - | FEDEX CORP | REDUCE | -175,000 | -31.8% | 375,000 | $102,630,000 |
| 9 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | REDUCE | -60,000 | -13.0% | 400,000 | $69,468,000 |
| 10 | - | LAM RESEARCH CORP | REDUCE | -9,000 | -8.3% | 100,000 | $81,608,000 |
| 11 | GOOG | ALPHABET INC | REDUCE | -43,036 | -2.2% | 1,881,964 | $314,645,561 |
| 12 | - | UNITED PARCEL SERVICE INC | SOLD | -605,000 | Exit | - | - |
| 13 | NVDA | NVIDIA CORPORATION | REDUCE | -65,000 | -9.4% | 625,000 | $75,900,000 |
| 14 | VSTE | VISTRA CORP | NEW BUY | +1,270,388 | New | 1,270,388 | $150,591,794 |
| 15 | - | ORACLE CORP | REDUCE | -426,606 | -21.3% | 1,573,394 | $268,106,338 |
| 16 | NRG | NRG ENERGY INC | NEW BUY | +999,820 | New | 999,820 | $91,083,602 |
| 17 | - | INTEL CORP | REDUCE | -280,000 | -10.1% | 2,500,000 | $58,650,000 |
| 18 | - | CHESAPEAKE ENERGY CORP | REDUCE | -23,000 | -12.2% | 165,000 | $13,571,250 |
| 19 | JD | JD.COM INC | ADD | +2,989,400 | +69.3% | 7,300,000 | $292,000,000 |
| 20 | - | ANTERO RESOURCES CORP | REDUCE | -105,000 | -5.7% | 1,745,000 | $49,994,250 |
| 21 | - | KE HLDGS INC | ADD | +90,000 | +4.3% | 2,175,000 | $43,304,250 |
| 22 | UNH | UNITEDHEALTH GROUP INC | REDUCE | -10,500 | -5.7% | 174,500 | $102,026,660 |
| 23 | - | BOEING CO | SOLD | -210,000 | Exit | - | - |
| 24 | BIDU | BAIDU INC | REDUCE | -240,000 | -14.4% | 1,425,000 | $150,038,250 |
| 25 | AMZN | AMAZON COM INC | REDUCE | -275,000 | -7.9% | 3,200,000 | $596,256,000 |
| 26 | MSFT | MICROSOFT CORP | REDUCE | -211,356 | -17.9% | 970,000 | $417,391,000 |
| 27 | - | WYNN RESORTS LTD | NEW BUY | +800,000 | New | 800,000 | $76,704,000 |
| 28 | AMD | ADVANCED MICRO DEVICES INC | REDUCE | -235,000 | -17.2% | 1,135,000 | $186,230,800 |
| 29 | KWEB | KRANESHARES TRUST | REDUCE | -725,000 | -16.1% | 3,765,000 | $128,085,300 |
| 30 | - | CAESARS ENTERTAINMENT INC NE | REDUCE | -50,000 | -2.3% | 2,150,000 | $89,741,000 |
| 31 | ASML | ASML HOLDING N V | REDUCE | -10,000 | -11.4% | 77,500 | $64,576,875 |
| 32 | UBER | UBER TECHNOLOGIES INC | REDUCE | -90,000 | -6.0% | 1,410,000 | $105,975,600 |
| 33 | - | ADOBE INC | REDUCE | -160,000 | -44.4% | 200,000 | $103,556,000 |
| 34 | META | META PLATFORMS INC | REDUCE | -310,000 | -33.2% | 625,000 | $357,775,000 |
| 35 | MU | MICRON TECHNOLOGY INC | REDUCE | -125,000 | -10.6% | 1,050,000 | $108,895,500 |
| 36 | - | LAS VEGAS SANDS CORP | NEW BUY | +1,528,323 | New | 1,528,323 | $76,935,780 |
| 37 | BABA | ALIBABA GROUP HLDG LTD | REDUCE | -500,000 | -4.8% | 10,000,000 | $1,061,200,000 |
| 38 | - | SOUTHWESTRERN ENERGY CO | REDUCE | -260,000 | -5.9% | 4,180,000 | $29,719,800 |
| 39 | QCOM | QUALCOMM INC | REDUCE | -40,000 | -4.8% | 800,000 | $136,040,000 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | PDD | PDD HOLDINGS INC | REDUCE | -160,000 | -7.6% | 1,940,000 | $257,923,000 |
| 2 | LYFT | LYFT INC | ADD | +7,493,639 | +1602.5% | 7,961,257 | $112,253,724 |
| 3 | FXI | ISHARES TR | ADD | +565,000 | +8.9% | 6,940,000 | $180,370,600 |
| 4 | ET | ENERGY TRANSFER L P | REDUCE | -940,000 | -10.9% | 7,704,428 | $124,965,822 |
| 5 | - | MACYS INC | REDUCE | -135,000 | -9.6% | 1,265,000 | $24,288,000 |
| 6 | MPLX | MPLX LP | REDUCE | -48,500 | -7.3% | 611,500 | $26,043,785 |
| 7 | - | EQT CORP | REDUCE | -155,000 | -7.5% | 1,905,000 | $70,446,900 |
| 8 | - | FEDEX CORP | REDUCE | -50,000 | -8.3% | 550,000 | $164,912,000 |
| 9 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | REDUCE | -40,000 | -8.0% | 460,000 | $79,952,600 |
| 10 | - | LAM RESEARCH CORP | REDUCE | -6,000 | -5.2% | 109,000 | $116,068,650 |
| 11 | GOOG | ALPHABET INC | REDUCE | -150,000 | -7.2% | 1,925,000 | $353,083,500 |
| 12 | - | UNITED PARCEL SERVICE INC | ADD | +5,000 | +0.8% | 605,000 | $82,794,250 |
| 13 | NVDA | NVIDIA CORPORATION | ADD | +248,000 | +56.1% | 690,000 | $85,242,600 |
| 14 | - | ORACLE CORP | REDUCE | -300,000 | -13.0% | 2,000,000 | $282,400,000 |
| 15 | - | INTEL CORP | REDUCE | -970,000 | -25.9% | 2,780,000 | $86,096,600 |
| 16 | - | CHESAPEAKE ENERGY CORP | REDUCE | -15,000 | -7.4% | 188,000 | $15,451,720 |
| 17 | JD | JD.COM INC | ADD | +660,737 | +18.1% | 4,310,600 | $111,385,904 |
| 18 | - | ANTERO RESOURCES CORP | REDUCE | -150,000 | -7.5% | 1,850,000 | $60,365,500 |
| 19 | - | KE HLDGS INC | ADD | +380,000 | +22.3% | 2,085,000 | $29,502,750 |
| 20 | UNH | UNITEDHEALTH GROUP INC | REDUCE | -15,000 | -7.5% | 185,000 | $94,213,100 |
| 21 | - | BOEING CO | REDUCE | -15,000 | -6.7% | 210,000 | $38,222,100 |
| 22 | BIDU | BAIDU INC | REDUCE | -135,000 | -7.5% | 1,665,000 | $143,989,200 |
| 23 | AMZN | AMAZON COM INC | REDUCE | -353,000 | -9.2% | 3,475,000 | $671,543,750 |
| 24 | MSFT | MICROSOFT CORP | REDUCE | -368,644 | -23.8% | 1,181,356 | $528,007,064 |
| 25 | AMD | ADVANCED MICRO DEVICES INC | REDUCE | -260,000 | -16.0% | 1,370,000 | $222,227,700 |
| 26 | KWEB | KRANESHARES TRUST | ADD | +1,015,000 | +29.2% | 4,490,000 | $121,319,800 |
| 27 | - | NORFOLK SOUTHN CORP | SOLD | -45,000 | Exit | - | - |
| 28 | - | CAESARS ENTERTAINMENT INC NE | REDUCE | -100,000 | -4.3% | 2,200,000 | $87,428,000 |
| 29 | ASML | ASML HOLDING N V | ADD | +7,500 | +9.4% | 87,500 | $89,488,875 |
| 30 | - | ADOBE INC | ADD | +10,000 | +2.9% | 360,000 | $199,994,400 |
| 31 | UBER | UBER TECHNOLOGIES INC | ADD | +140,000 | +10.3% | 1,500,000 | $109,020,000 |
| 32 | META | META PLATFORMS INC | REDUCE | -187,500 | -16.7% | 935,000 | $471,445,700 |
| 33 | MU | MICRON TECHNOLOGY INC | REDUCE | -40,000 | -3.3% | 1,175,000 | $154,547,750 |
| 34 | BABA | ALIBABA GROUP HLDG LTD | REDUCE | -750,000 | -6.7% | 10,500,000 | $756,000,000 |
| 35 | - | SOUTHWESTERN ENERGY CO | REDUCE | -360,000 | -7.5% | 4,440,000 | $29,881,200 |
| 36 | QCOM | QUALCOMM INC | REDUCE | -150,000 | -15.2% | 840,000 | $167,311,200 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | PDD | PDD HOLDINGS INC | ADD | +1,325,000 | +171.0% | 2,100,000 | $244,125,000 |
| 2 | FXI | ISHARES TR | NEW BUY | +6,375,000 | New | 6,375,000 | $153,446,250 |
| 3 | MHK | MOHAWK INDS INC | SOLD | -95,000 | Exit | - | - |
| 4 | GOOG | ALPHABET INC | REDUCE | -225,000 | -9.8% | 2,075,000 | $315,939,500 |
| 5 | NVDA | NVIDIA CORPORATION | REDUCE | -348,000 | -44.1% | 442,000 | $399,373,520 |
| 6 | - | INTEL CORP | REDUCE | -850,000 | -18.5% | 3,750,000 | $165,637,500 |
| 7 | JD | JD.COM INC | NEW BUY | +3,649,863 | New | 3,649,863 | $99,969,748 |
| 8 | - | BOEING CO | NEW BUY | +225,000 | New | 225,000 | $43,422,750 |
| 9 | BIDU | BAIDU INC | ADD | +1,175,000 | +188.0% | 1,800,000 | $189,504,000 |
| 10 | OC | OWENS CORNING NEW | SOLD | -25,000 | Exit | - | - |
| 11 | MSFT | MICROSOFT COR | REDUCE | -150,000 | -8.8% | 1,550,000 | $652,116,000 |
| 12 | WHR | WHIRLPOOL CORP | SOLD | -90,000 | Exit | - | - |
| 13 | - | CAESARS ENTERTAINMENT INC NE | ADD | +50,000 | +2.2% | 2,300,000 | $100,602,000 |
| 14 | - | GENERAL MTRS CO | SOLD | -265,000 | Exit | - | - |
| 15 | BABA | ALIBABA GROUP HLDG LTD | ADD | +6,900,000 | +158.6% | 11,250,000 | $814,050,000 |
| 16 | - | FMC CORP | SOLD | -325,000 | Exit | - | - |
| 17 | LYFT | LYFT INC | NEW BUY | +467,618 | New | 467,618 | $9,048,408 |
| 18 | ET | ENERGY TRANSFER L P | REDUCE | -1,137,448 | -11.6% | 8,644,428 | $135,976,852 |
| 19 | - | MACYS INC | REDUCE | -3,050,000 | -68.5% | 1,400,000 | $27,986,000 |
| 20 | - | HCA HEALTHCARE INC | SOLD | -117,198 | Exit | - | - |
| 21 | - | FEDEX CORP | REDUCE | -50,000 | -7.7% | 600,000 | $173,844,000 |
| 22 | - | LAM RESEARCH CORP | REDUCE | -3,000 | -2.5% | 115,000 | $111,730,550 |
| 23 | - | MASCO CORP | SOLD | -130,000 | Exit | - | - |
| 24 | - | UNITED PARCEL SERVICE INC | ADD | +100,000 | +20.0% | 600,000 | $89,178,000 |
| 25 | - | ORACLE CORP | ADD | +975,000 | +73.6% | 2,300,000 | $288,903,000 |
| 26 | - | ARK ETF TR | SOLD | -2,550,000 | Exit | - | - |
| 27 | AMZN | AMAZON COM INC | REDUCE | -122,000 | -3.1% | 3,828,000 | $690,494,640 |
| 28 | AMD | ADVANCED MICRO DEVICES INC | REDUCE | -380,000 | -18.9% | 1,630,000 | $294,198,700 |
| 29 | KWEB | KRANESHARES TRUST | NEW BUY | +3,475,000 | New | 3,475,000 | $91,218,750 |
| 30 | - | ADOBE INC | NEW BUY | +350,000 | New | 350,000 | $176,610,000 |
| 31 | UBER | UBER TECHNOLOGIES INC | REDUCE | -4,640,000 | -77.3% | 1,360,000 | $104,706,400 |
| 32 | META | META PLATFORMS INC | REDUCE | -727,500 | -39.3% | 1,122,500 | $545,063,550 |
| 33 | QCOM | QUALCOMM INC | REDUCE | -10,000 | -1.0% | 990,000 | $167,607,000 |
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