Billionaire David Tepper Piled Into a Debt-Laden Artificial Intelligence (AI) Neocloud Stock in Q2 While Also Increasing His Stake in Its Newest Rival

Billionaire David Tepper's Appaloosa Management initiated a position in CoreWeave (1.07M shares) during Q2 while simultaneously increasing its Meta Platforms stake by 55%. CoreWeave, a neocloud provider for AI workloads, has a $104B backlog but carries over $50B in debt. The strategy appears to hedge against potential competition as Meta explores leasing excess AI compute capacity, potentially competing with neocloud operators like CoreWeave.