Does Billionaire David Tepper Know Something Wall Street Doesn't? He Sold 100% of Appaloosa's Broadcom Stock and Piled Into This High-Profile Artificial Intelligence (AI) Chipmaker Instead

Billionaire David Tepper is something of an investing legend. The philanthropist and hedge fund manager runs Appaloosa Management, the hedge fund he founded, with $6.45 billion in assets under management. He cemented his name in the annals of Wall Street by predicting the housing market collapse and subsequent financial crisis in 2008. He bucked the trend, piling into bank stocks on the heels of the Great Recession and "banking" $7 billion in profits in the process, becoming the most successful hedge fund manager of the era.Some say Tepper is "arguably the greatest hedge fund manager of his generation." He "has consistently outperformed his industry peers and the broader global markets since inception," according to Tepper's Carnegie Mellon University bio.With that as a backdrop, it's notable that Tepper sold 100% of Appaloosa's stake in Broadcom (NASDAQ: AVGO) in the second quarter, ended June 30, and is piling into this artificial intelligence (AI) chipmaker instead.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool