Teradata doesn't have a REPLACE function like Oracle does.
If you are looking for some complex replace functionality like replacing multiple instances of the same set of characters in the given string then you will have to use UDF which you can found in the downloads section.
If you just want to replace the characters after the first occurence of space with some other name then this SQL will do the job...
SELECT ID, NAME, SUBSTRING(NAME FROM 1 FOR POSITION(' ' IN NAME)-1) || ' THOMAS'
FROM <<TABLENAME>>
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