Pershing Square boosts Amazon to fourth-largest holding, dumps Alphabet

Bill Ackman just reshuffled the deck. His hedge fund Pershing Square Capital Management sold roughly 95% of its Alphabet position during the first quarter of 2026, while simultaneously bulking up on Amazon and opening an entirely new position in Microsoft. For a fund famous for running a concentrated book of 8 to 12 names, that kind of swap is less of a tweak and more of a thesis overhaul. The moves, disclosed via the fund’s 13F filing in May, reveal a portfolio that’s pivoting hard toward companies Ackman views as better positioned to capture the next wave of AI-driven growth. Amazon is now one of Pershing Square’s top four holdings, and Alphabet, once a cornerstone bet, is barely a rounding error. What Ackman bought and sold On the sell side, Pershing Square offloaded 5,852,145 Alphabet Class A shares and 645,921 Class C shares. Combined, that slashed the fund’s Alphabet exposure by approximately 95%. On the buy side, the fund added 1,844,157 Amazon shares during Q1 2026. That brought the total Amazon position to an estimated $2.4 billion to $3.0 billion, vaulting it to fourth place in the portfolio hierarchy. Meanwhile, Microsoft entered the portfolio as an entirely new position...