Appaloosa 13-F

The filing is inherently backward-looking, a point-in-time snapshot with a lag of up to 45 days after quarter-end, so the market convention is to treat the print as stale the moment it arrives; short interest, subsequent trim disclosures and any intra-quarter public commentary from the manager get more weight for positioning. On the substance, the pattern here reads as rotation within technology rather than a wholesale exit: new money into Broadcom alongside additions to TSMC, Alphabet, Meta and Amazon, funded by reductions in Alibaba, Qualcomm, AMD and Micron and exits from names like Corning and L3Harris. That mix is consistent with a preference for established AI-infrastructure and platform exposure over memory and China-facing cyclicals, though 13-F data alone cannot distinguish a directional bet from pairs construction or option-overlay hedging, since puts, calls and the short book are invisible. New positions in Boeing and American Airlines fit the fund's historical form for distressed or late-cycle recovery trades, and copycat flows into such names on filing day have historically been shallow and short-lived absent confirmation from the manager. The tells that follow are any investor-letter or public commentary from the principal and whether peers in the same names file in the same direction, which is where crowded positioning risk actually shows up.