Bill Ackman’s Pershing Square Capital Management fully exited its Alphabet stake and cut Amazon holdings by approximately 25% in Q2 2026. The freed-up capital has been redeployed into increased positions in Microsoft (valued at $2.09 to $2.4 billion) and Meta, alongside a fresh $934 million bet on Netflix. Microsoft anchors the portfolio through Azure’s integration with OpenAI models, while both Meta and Netflix are deploying AI to enhance their advertising businesses. Alphabet, Amazon, and Meta have collectively committed between $505 and $535 billion in capital expenditures for 2026.
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