David Tepper, the founder and president of hedge fund Appaloosa Management, maintains that the gains in tech still have more room to run.

"Any comparisons to past overheated markets are ridiculous ... Look at where multiples and rates were in 1999. I'm not saying stocks are screaming cheap, but you're nowhere near an overheated market," Tepper told CNBC on Tuesday.

Tepper contended that "multiples are still low" and that "they just look cheaper than any other part of the market even though they moved."

Tepper has increased his technology holdings in his portfolio to 24% in the June quarter, according to market insights and news outlet Gurufocus. That's a 17% uptick from March.

The hedge fund manager also acquired 3.7 million shares of the Chinese e-commerce company Alibaba (BABA) during the June quarter, according to a 13-F filing with the SEC seen by CNBC.

He has also recently purchased 1.8 million shares in the PowerShares QQQ Trust, a tech sector ETF tracking the Nasdaq 100 index.

Appaloosa increased its positions in Micron Technology (MU) by 6.2 million shares to 12.9 million, Alphabet (GOOGL) by 110,000 shares to 585,000 shares, Western Digital (WDC) by 1.3 million shares to 2.6 million shares, and Facebook (FB) by 449,000 shares to 2.4 million shares.

Facebook, and Alphabet are held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holding with a free trial here.

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