Bill Ackman’s Pershing Square Capital Management sold approximately 95% of its Alphabet position during the first quarter of 2026, divesting 5,852,145 Class A shares and 645,921 Class C shares. The fund simultaneously purchased 1,844,157 Amazon shares, building a position estimated between $2.4 billion and $3.0 billion, making Amazon its fourth-largest holding. Pershing Square also established a new Microsoft position valued at approximately $2.4 billion. These moves reflect a thesis shift favoring Amazon and Microsoft as better positioned to capture AI-driven growth, compared to Alphabet whose search advertising business faces questions about vulnerability to AI-powered alternatives.
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