Some of the most respected names in hedge fund management are making the same bet. They think Amazon is cheap.
That sounds counterintuitive for a company worth $2.5 trillion, but David Tepper’s Appaloosa Management, Seth Klarman’s Baupost Group, Al Gore’s Generation Investment Management, and Sanders Capital have all been building larger positions in the stock. For both Tepper and Klarman, Amazon has become their single largest portfolio holding.
The numbers behind the conviction
Appaloosa Management nearly doubled its Amazon stake in Q1 2026, increasing its position by roughly 98%. The fund acquired approximately 2.14 million additional shares, bringing its total Amazon exposure to around $900 million. That makes AMZN about 15% of Appaloosa’s $5.93 billion portfolio.
Klarman’s Baupost Group wasn’t far behind. The famously cautious value investor raised his Amazon position by 47%, bringing the total to approximately 3.12 million shares valued between $650 million and $731 million. Amazon now represents about 13% of Baupost’s portfolio.
