Overview
- Pershing Square began selling Alphabet in late 2025 and had disposed of roughly 95% of the position by the first quarter of 2026, completing the remaining sales in the second quarter.
- The firm added about 1.84 million Amazon shares in Q1 2026 and still holds Amazon as roughly 10% of reported assets, making it the fund’s fourth-largest holding despite a Q2 trim.
- Pershing opened a new Microsoft position in Q1 2026 valued at about $2.4 billion, funding that purchase largely with proceeds from the Alphabet sales.
- Bill Ackman and Pershing Square say the moves reflect a concentrated pivot to companies they view as best placed to capture AI-driven demand, citing accelerating AWS growth and Microsoft’s OpenAI commercialization as core drivers.
- The trades may shift institutional sponsorship away from Alphabet toward Amazon and Microsoft, and investors should watch quarterly filings, AWS revenue trends, Microsoft-OpenAI deals, and Pershing’s concentrated positioning for broader market signal effects.