Nvidia Surges as Billionaire Investor Bets Big After Tariff Dip

In the months leading up to August 2025, billionaire investor David Tepper has made a surprising move by significantly increasing his fund's position in Nvidia. This comes despite the fact that Tepper had previously overseen a 97% reduction in his fund's Nvidia holdings over the past two years, accounting for the company's historic 10-for-1 stock split in June 2024.

The catalyst for Tepper's renewed interest in Nvidia appears to be the tariff-induced market crash that occurred in early April 2025. When President Trump unveiled his new tariff and trade policy, including a 10% global tariff and higher "reciprocal tariffs" on select countries, the market initially reacted with a historic multi-day sell-off. However, the bulls have been in control since the President announced a 90-day pause on these reciprocal tariffs on April 9th. Investors who pounced on beaten-down AI stocks like Nvidia have reaped the rewards, as they were able to acquire high-growth companies at forward-year multiples not seen in years.

Nvidia's Hopper (H100) and Blackwell graphics processing units (GPUs) have also been a major factor in Tepper's renewed interest. These GPUs have accounted for a significant percentage of the AI-accelerated chips deployed in enterprise data centers, as companies race to incorporate cutting-edge AI solutions. Meanwhile, TSMC, a key Nvidia supplier, has been rapidly expanding its chip-on-wafer-on-substrate (CoWoS) capacity to meet the surging demand for these AI-focused GPUs.