Bill Ackman trims Big Tech position to invest in AI contenders

Bill Ackman has been reshuffling his Big Tech deck. Pershing Square Capital Management fully exited its Alphabet position in the second quarter of 2026, capping a retreat that began earlier this year when the stake was whittled down to roughly 0.8% of the portfolio. The billionaire investor simultaneously cut his Amazon holdings by about 25%, funneling the proceeds into what he views as better-positioned AI plays. The beneficiaries: Microsoft, Meta, and a fresh $934 million bet on Netflix. Where the money is going Microsoft sits at the center of Ackman’s refreshed portfolio. The stake is valued at roughly $2.09 to $2.4 billion, acquired at what Pershing Square calculates as approximately 21 times forward earnings. Azure’s integration with OpenAI’s models has turned it into the default cloud platform for enterprise AI workloads. M365 Copilot, meanwhile, is embedding AI across the corporate software stack that hundreds of millions of workers already use daily. Meta also received increased allocation. The reasoning there centers on Meta’s AI infrastructure buildout, which is powering both its recommendation algorithms and its advertising technology improvements. Then there’s the Netfl...