https://whalewisdom.com/filer/appaloosa-management-lp
1% MUCALL ? $70 M in micron call. How many shares could he have controllled? 他可能已经卖了
EWY is Korean index ETF.
| David Tepper Fund | 2025Q4 holding | 2025Q3 holdings |
| 10.88% | 15.61% | |
| GOOG | 8.10% | 4.58% |
| AMZN | 7.26% | 7.43% |
| MU | 6.18% | 1.13% |
| META | 5.72% | 3.68% |
| TSM | 4.96% | 4.01% |
| NVDA | 4.58% | 4.80% |
| WHR | 4.07% | 5.85% |
| NRG | 3.77% | 4.10% |
| MSFT | 3.49% | 3.24% |
| AAL | 3.13% | 1.41% |
| PDD | 2.91% | 3.22% |
| QCOM | 2.83% | 2.81% |
| EWY | 2.63% | |
| KWEB | 2.34% | 4.21% |
| VST | 2.20% | 3.30% |
| UBER | 2.18% | 3.19% |
| GLW | 1.99% | 1.81% |
| DB | 1.75% | 1.82% |
| JD | 1.72% | 2.95% |
| OC | 1.54% | 0.31% |
| RTX | 1.32% | 1.15% |
| LHX | 1.25% | 1.24% |
| BIDU | 1.08% | 1.86% |
| MHK | 1.07% | 0.28% |
| LYFT | 1.06% | 1.67% |
| LRCX | 1.05% | 0.67% |
| MUCALL | 1.03% | |
| AMD | 1.01% | 2.08% |
| ASML | 0.97% | 0.84% |
| UNH | 0.95% | 0.95% |
| BALL | 0.92% | |
| IQV | 0.91% | 0.73% |
| UAL | 0.75% | 0.60% |
| FXI | 0.60% | 0.62% |
| ET | 0.52% | 1.15% |
| MPLX | 0.48% | 0.36% |
| DAL | 0.48% | 0.36% |
| GT | 0.32% | 0.52% |
| XYZ | 0.36% | |
| CZR | 0.77% | |
| CFG | 0.43% | |
| CMA | 0.43% | |
| FI | 1.62% | |
| KEY | 0.51% | |
| TFC | 0.86% | |
| WAL | 0.23% | |
| ZION |
0.22% |
Good question — we can estimate pretty closely.
You said MU CALL = 1.03% of the portfolio.
First we need two assumptions:
1?? Appaloosa total 13F portfolio size (Q4 2025)
Recent filings have been around $6–7 billion equity exposure (varies by quarter).
Let’s assume $6.5B midpoint.
So:
1.03% × $6.5B ≈ $67 million in Micron call premium
Step 2 — Convert Premium → Shares Controlled
Option exposure depends heavily on:
-
Stock price of Micron Technology
-
Strike and maturity
-
Delta (leverage)
We estimate using reasonable ranges.
MU price late 2025 estimate
≈ $120–140
We’ll use $130 midpoint.
Scenario A — Near-ATM Calls (Most Likely for Hedge Funds)
Typical institutional delta: 0.5–0.7
Call premium per share might be ~$20–30.
Let’s assume:
-
Premium = $25 per share
-
$2,500 per contract (100 shares)
So:
$67M ÷ $2,500 ≈ 26,800 contracts
Each contract controls 100 shares:
≈ 2.7 million shares controlled
Scenario B — Higher Leverage (OTM Calls)
If Tepper used more leverage:
-
Premium $10/share
-
$1,000 per contract
Then:
$67M ÷ $1,000 ≈ 67,000 contracts
Controls ≈ 6.7 million shares
Reality Check Using His Stock Position
He also owns 6.18% MU equity.
That alone could be ~3–4 million shares depending on price.
Funds often size options similar to or larger than equity when bullish.
So realistic control range:
~3 million to 7 million MU shares equivalent
Important Insight — Why Calls Instead of Stock?
Tepper likely wanted:
1?? Upside convexity into earnings / AI cycle
HBM profitability inflection = asymmetric upside.
2?? Limited downside risk
Memory stocks are volatile.
3?? Capital efficiency
$67M premium might control $400M–$800M notional.
That is classic Tepper style.
Quick Notional Estimate
If 4 million shares controlled at $130:
Notional ≈ $520 million exposure
Which is very large relative to fund size.
? Key Takeaway
His Micron exposure is likely:
-
Stock: ~$400M
-
Calls (delta adjusted): ~$250M–$500M equivalent
Combined exposure could be:
$650M–$900M effective MU bet
That’s a high-conviction AI memory trade.
If you want, I can estimate:
-
His average MU purchase price
-
Potential profit if MU reaches $200
-
Or compare Tepper vs other hedge funds in MU
Just tell me .
