Overview
- Pershing Square largely closed its Alphabet position by the end of the second quarter and redeployed capital into Amazon and a new Microsoft stake, according to the fund’s 13F disclosures.
- Berkshire Hathaway increased its Alphabet holding to roughly 106 million shares worth about $36.6–$37.8 billion and took part in a roughly $10 billion private placement tied to Alphabet’s mid‑2026 equity raise.
- Ackman’s shift reflects a preference for fee‑generating cloud and enterprise exposures such as AWS and Microsoft’s OpenAI ties while expressing caution about search‑advertising disruption and heavy AI capex at Alphabet.
- Berkshire’s large, concentrated bet marks a break from its recent net‑selling pattern and exposes the firm to Alphabet’s heavy capital spending, short‑term free‑cash‑flow pressure and U.S. antitrust scrutiny.
- Watch for how these flows affect market sentiment and valuations, whether Alphabet’s AI investments yield profitable returns, and any regulatory decisions that could alter Google’s core ad model.