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Why Micron Technology Was Tepper’s Top Holding in 3Q17

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David Tepper’s top holdings in 3Q17

David Tepper is a prominent person in the hedge fund industry. Most of his predictions about the market movement turned positive. He’s very positive about the US equity market in the current scenario.

Appaloosa Management’s top holdings include Micron Technology (MU), Alibaba Group Holdings (BABA), Facebook (FB), Alphabet (GOOGL), and Allergan (AGN) in 3Q17. These holdings represented 9.42%, 8.63%, 7.92%, 7.65%, and 5.43%, respectively, of the firm’s portfolio in 3Q17.

According to the institutional ownership report, Appaloosa Management was the ninth-largest investor in Micron Technology with 17 million shares as of September 30, 2017. Similarly, the firm held nearly 3.5 million shares of Alibaba and 3.3 million shares of Facebook as of September 30, 2017.

Among all of these holdings, Micron Technology remained Appaloosa Management’s top holding in 3Q17. Tepper is optimistic about the technology sector (XLK) and large-cap technology stocks.

Micron Technology had strong revenue growth in 2016 and 2017. The strong demand for technology in the economy could increase the semiconductor and technology industry’s revenue growth.

Next, we’ll analyze Tepper’s top buys in 3Q17.

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