Billionaires split on NVIDIA as Tepper adds $305M, Loeb exits

Three billionaires split on NVIDIA in Q2 13F filings, with Tepper adding 53,500 shares, Loeb selling all 190,000, and Soros buying puts.

The filings, covering positions as of June 30 and submitted Aug. 14, show Appaloosa LP raising its NVIDIA stake to 1,525,000 shares valued at $305.1 million, while Third Point cut its position to zero. Soros Fund Management opened puts on 400,000 notional shares valued at $80 million while trimming its stock position by just 8,571 shares to 1,064,635 shares worth $213 million.

NVIDIA closed at $225.16 on Aug. 14, up 12.53 percent from the June 30 snapshot price of $200.09. The company reported Q1 FY2027 revenue of $82 billion, up 85 percent year over year, with a Q2 guide of $91 billion plus or minus 2 percent.

Tepper's Modest Add, Loeb's Broader Reshuffle

Tepper's increase was a 0.036 share delta on an already large stake, a lean-in rather than a new conviction buy. The move came as Appaloosa also trimmed Micron by 690,000 shares to 975,000 shares worth $1.1 billion, exited SanDisk entirely, and opened put options on Apple covering 835,000 shares.

Loeb's NVIDIA exit was part of a broader rotation out of several Magnificent 7 names. He closed Meta Platforms, reduced Amazon by nearly 10 percent, and increased Alphabet by 486 percent to 6.65 percent of his portfolio.

Soros: A Hedge, Not a Short

The Soros move is the one lazy coverage will get wrong. He owns 1,064,635 NVIDIA shares and owns puts against 400,000 of them. The 13F filing discloses only the notional number of underlying shares for options positions — not strike prices, expiration dates, or premium paid — so the true cost and portfolio weight of the put remain unknown.

The divergence comes as NVIDIA trades at a trailing P/E of 34 and forward P/E of 25, with analyst consensus targeting $302.83 across 10 strong buy, 48 buy, 2 hold, and 1 sell ratings. Options markets show a full-chain put-call ratio of 0.54, and prediction markets assign 85.5 percent odds of a new all-time high by Dec. 31.

The three-way split leaves investors without a clear signal from elite managers. NVIDIA's next catalyst is its upcoming earnings report, where prediction markets assign a 97.3 percent probability of a beat.

This article is for informational purposes only and does not constitute investment advice.