Billionaire investor David Tepper's Appaloosa Management significantly increased its stake in Chinese tech company Baidu (BIDU) by 87% during the second quarter of 2026. According to a delayed regulatory filing, the fund's holding grew to 1.29 million shares, valued at approximately $148 million as of June 30, 2026. This disclosure, made public in mid-August, reflects trades executed in the prior quarter.
The increased investment in Baidu stands out as it coincided with Appaloosa reducing its exposure to other major Chinese tech firms, including trimming its Alibaba stake and exiting positions in JD.com and PDD Holdings. This strategic shift suggests a more selective approach, moving away from a broad bet on the Chinese internet sector and toward a focused investment in Baidu's artificial intelligence initiatives, which span cloud computing, autonomous driving, and its Ernie large language models.