Overview
- Monday’s filings and coverage confirmed Pershing Square sold roughly 95% of its Alphabet holdings, a near-total exit executed during the first quarter of 2026.
- Pershing Square added 1,844,157 Amazon shares in Q1 2026, a build that made Amazon the fund’s fourth-largest holding before a Q2 trim left the position at about 10% of reported assets.
- The fund opened an entirely new Microsoft stake in Q1 valued at about $2.4 billion, funded in part by the Alphabet sale according to Ackman’s public comments.
- Pershing Square framed the reshuffle as an AI-driven bet and told investors it expects Amazon to grow earnings more than 20% annually, a view grounded in accelerating AWS revenue and improving retail operating income.
- The move reshapes Pershing Square’s concentrated portfolio and could shift institutional sponsorship and market sentiment toward Amazon and Microsoft while removing a major backer from Alphabet.